Hewlett-Packard’s Haas, Iannotti Depart Amid Management Shuffle

May 20, 2011, 5:46 PM EDT By Aaron Ricadela and Cristina Alesci

May 20 (Bloomberg) -- Hewlett-Packard Co. senior vice presidents Marius Haas, Tom Iannotti and Gary Budzinski are departing, people familiar with the matter said, adding to an exodus of managers from the computer maker.

Haas, who led Hewlett-Packard’s computer networking business, is departing for private-equity firm KKR & Co., said two people, who asked not to be identified because the job change is confidential. Iannotti, who was in charge of enterprise services, is retiring, while Budzinski, who headed computer maintenance services, is leaving, two people said.

The executives follow Tom Hogan, the former head of business-computing sales, in leaving as Hewlett-Packard faces a drop in demand for personal computers and narrowing margins in services. Chief Executive Officer Leo Apotheker, who took the helm Nov. 1, aims to revive growth and slice costs after cutting $1 billion from his annual sales projection this week and issuing current-quarter forecasts that missed estimates.

As head of networking, Haas managed Hewlett-Packard’s foray into the communications-equipment market led by Cisco Systems Inc. He previously worked as senior vice president of strategy and corporate development, responsible for such tasks as integrating acquisitions.

Mylene Mangalindan, a spokeswoman for Palo Alto, California-based Hewlett-Packard, dind’t immediately respond to a request for comment.

Hewlett-Packard has lost 14 percent since the day before Apotheker became CEO. It slid 15 cents to $35.98 as of 4 p.m. in New York Stock Exchange composite trading.

Iannotti, Budzinski

Iannotti managed Hewlett-Packard’s technology outsourcing and consulting services. He will stay until Hewlett-Packard hires a new executive to lead its services business, one of the people said. Budzinski’s departure was announced in a memo to Hewlett-Packard employees this week.

Executive Vice President Ann Livermore is managing the services business on an interim basis while the company searches for a new executive to lead the division, Apotheker told analysts on a conference call this week.

Executive Vice President David Donatelli, who runs the company’s data-center hardware unit, now heads the technology services business that was managed by Budzinski.

Hewlett-Packard’s disappointing forecasts reflect rivalry from tablets such as Apple Inc.’s iPad and lower margins in the computer-services division. Apotheker sent a memo earlier this month warning of “another tough quarter” in the July period.

Apotheker hired Martin Homlish as chief marketing officer, Hewlett-Packard said last month, as part of his turnaround effort. The move followed the exit in January of former marketing head Michael Mendenhall and came a day after Hewlett- Packard said Jan Zadak will run business-computing sales, replacing the departing Hogan.

--Editors: Tom Giles, Nick Turner

To contact the reporters on this story: Aaron Ricadela in San Francisco at aricadela@bloomberg.net; Cristina Alesci in New York at calesci2@bloomberg.net.

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

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