Hurd figured that the economy will rebound by June 2010. Guess what? The economy has nosedived and went into a double dip depression. He was supposed to cut headcount by 30% and prepare the company for the rough ride. But he slept at the job like a good old American.
Now the BOD is stuck with a bankrupt company that cannot service its debts. The headcount has to be slashed by 50% to stay in business. But the timing is lousy.
The sad truth is Hurd is out. HPQ is screwed. Chapter 11 will be knocking on the headquarter doors in September.