Hewlett Receives Standing Ovation At HP Meeting

Hewlett-Packard Compaq Computer

With HP Chairman and CEO Carly Fiorina looking on, Hewlett, the son of HP co-founder William Hewlett, said HP is "not a company in crisis."

Hewlett, who has waged a no-holds-barred fight to kill the Compaq deal, said HP "has a promising future" with many strengths to build on.

Hewlett also thanked HP employees for "continuing to focus on your jobs and getting on with business. It is because of you that Hewlett-Packard will continue to prosper."

HP has a "unique vision of the best that an American corporation can be," said Hewlett to loud applause from shareholders.

The "very public and very spirited debate" on the controversial merger proves that the "HP way is not a relic of another time. . . . It is alive in our employees, retirees, stockholders and in our communities," he said.

Hewlett's public comments came after he released a statement Tuesday morning pointing out that about 66 percent of the employees in HP's retirement plan voted their shares against the merger. "This vote breaks down into an unprecedented 2-to-1 against in the HP plan," he said. "Also, employees in the [HP spin-off Agilent plan voted 8-to-1 against the merger."

LARRY HOOPER, ELIZABETH MONTALBANO and MARCIA SAVAGE contributed to this story.