WHEN: TODAY, WEDNESDAY, JUNE 12TH
WHERE: CNBC'S "SQUAWK BOX"
Following are excerpts from the unofficial transcript of a CNBC interview with HP CEO Meg Whitman today on CNBC's "Squawk Box." Following is a link to the interview on CNBC.com: http://video.cnbc.com/gallery/?play=1&video=3000174321. All references must be sourced to CNBC.
Whitman on the 5 Year Turnaround:
This going to be a 5 year turnaround to get HP running just like it should for a company with this iconic status As I said you don't have to wait 5 years for results and I say we are just a bit ahead of where we thought we would be we are about 18 months into this 5 year turnaround and we are about where we have to be but we have a long way to go.
Whitman on the PC Business:
This is a business we are in and what our customers are looking for from us is consistency in leadership consistency in strategy and a partner they can rely on.
Whitman on HP's Strategy:
What is the strategy for HP and it is all about providing solutions for the new style of IT you have to start with strategy and what are the most important things that will help execute that strategy and first is products services and software.
Whitman on HP's R&D:
R&D is incredibly important so we did increase R&D but we also narrowed the scope and one of the things about HP is we never met a science project we didn't like but when you let a thousand flowers bloom you have to weed the garden and so we focused around the priority areas for this company so we are getting a lot more bang for the buck in R&D.
Whitman on Steve Ballmer:
I actually I called Steve Ballmer and said put me in touch with the person at Microsoft who made this decision and I want chapter and verse on what we could have done better. So I spent about 45 minutes on the phone with the decision maker to understand why we lost. and then got our teams together and went through and said what are we going to do? How do we reorganize ourselves? How do we change the supply chain?How do we participate in a way we will win?
Whitman on Being Aggressive:
You do have to be incredibly price competitive, But it's also about time to market, response, innovation,service. It's a package of things. It's a very competitive world, you'll winsome lose some, but what HP learned is a new skill on how to go after this in a much more aggressive way.
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