In the age of the “forward” button on the Microsoft Outlook toolbar, there is no such thing as a family letter for major publicly traded corporations, particularly one with more than 300,000 employees, $114 billion in revenues and $98 billion in market capitalization.

So if this truth is indivisible, you might as well treat an employee letter as any other public transmission to Wall Street, your customers, your partners, your suppliers, both the financial (buy and sell side) and the market analyst communities and of course the media.

Let’s face it, Hewlett-Packard through no fault of its own fired the shot Hurd around the tech world Friday with the stunning news that Mark Hurd was being removed as CEO. The cause was the announced falsification of expense reports in a sexual harassment case involving a very good-looking 50-year-old marketer by the name of Jodie Fisher.http://online.wsj.com/article/SB10001424052748703309704575413663370670900.html

There will be those who will criticize HP’s handling of this fire drill, and only time will tell how well they handled the damage. The Almost DailyBrett immediate take was the company was smart and SEC-compliant in immediately announcing the stunning development. http://www.hp.com/hpinfo/newsroom/press/2010/100806a.html Included in that announcement was an update on the upcoming third quarter results on both a GAAP and non-GAAP (pro forma) basis as well as using the same metrics for the 2010 fiscal year. The first indication of the success of this strategy will be revealed in the first few hours of trading on Monday.

(Almost DailyBrett note: HPQ was taking a 7 percent hair cut around noon EDT on Monday…pretty much what you would expect).

The company announced that a very familiar name, company CFO Cathie Lesjak, would serve as interim CEO, even though she is not seeking the job on a full-time basis. A global search, including candidates both inside and outside HP, has commenced (no reason to introduce another Carly Fiorina into the mix).

Included in the strategy was Lesjak’s letter to employees, which she knew would be leaked in nanoseconds. The obvious purpose was not just to prop up morale and foster retention of the best and the brightest, but to reassure investors, including all of those employees with ESPP (Employee Stock Purchase Plans) and stock options.  http://online.wsj.com/article/SB10001424052748704182304575416002591565396.html

“While this news is unexpected, HP remains in an exceptionally strong position both financially and in the marketplace,” she was quoted in the letter. “It is essential, however, that we remain focused and continue to achieve – if not exceed – our operational and financial objectives.

“…As we regularly remind all employees, each of us is expected to adhere strictly to the Standards of Business Conduct in all of our business dealings and relationships. This expectation applies with even greater force to HP’s CEO and other senior executives who, given their positions, must set the highest standard for professional and personal conduct. The investigation that was conducted revealed that Mark had failed to meet this standard.

(There is probably no better time in HP’s history to remind employees that the rules apply to everyone, including well compensated CEOs).

“We recognize that this change in leadership is unexpected news. We also know that HP’s success in recent years is due to the collective efforts and hard work of more than 300,000 talented employees who have formulated far-reaching strategies and achieved our objectives better than anyone else in the industry.

(Good time to work on retention in the face of a morale-impacting, confidence-shaking announcement)

“…In closing, I would like to thank each of you for your contributions to HP, and to ask that in the weeks and months to come we do everything to ensure that HP’s future, like its past, is one of innovation, operational excellence, and the delivery of world-class products and services.”

(Almost DailyBrett postscript: Ms. Jodie Fisher says ex-cathedra that her relationship with Mark Hurd was not sexual…and yet a sexual harassment claim and falsified expense reports. This one is difficult to believe.) http://www.washingtonpost.com/wp-dyn/content/article/2010/08/08/AR2010080800296.html?wpisrc=nl_headline

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