Mark Hurd has made eight executive hires since last June, and so far, the new faces have done wonders for the company's spirit, according to Bear Stearns analyst Andrew Neff.
"It appears that CEO Hurd is assembling an impressive team of executives from the outside in key management roles," wrote the analyst in a recent report. Examples of recent hires include former CEOs of Palm and Vignette
This is in contrast to prior leadership at HP, which were mostly internally supplied. "It corroborates our view of a renewed sense of vigor and competitive spirit at HP," Neff said. The analyst believes HP represents a turnaround story, not a growth story.
"It will need to develop growth engines as the cost story matures," Neff said. "However, investors often miss viable turnarounds as they seem too expensive for value players."
"In December, HP filed a lawsuit in a Tyler, Texas, federal court, alleging that former employees stole confidential company technology to organize a competing business venture, potentially causing HP to lose more than $100 million"
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