FOR IMMEDIATE RELEASE
June 4, 2002

HP To Cut 15,000 Jobs

HP Company CEO Carly Fiorina said she expects to cut 10,000 jobs by Nov. 1 and another 5,000 jobs next year, following the purchase of Compaq Computer Corp. She also expects $500 million in cost savings by the end of fiscal 2002 and $2.5 billion by the end of 2003.