Box 2, Folder 21 – General Speeches
January 10, 1969 – Thirteenth Annual Management Meeting, Cupertino, CA
This meeting was also held in three other sites:
January 22, 1969 – Eastern Sales Region, Paramus N.J.
January 24, 1969 – Greeley CO
January 31, 1969 – European HQ. Geneva, Switzerland
1/10/69, Handwritten notes of comments Hewlett made at all meetings
I Introduction – Hewlett discusses Packard status, namely that he is leaving to assume the duties of Deputy Secretary of Defense in Washing D. C.
II HP Without Dave
“[Dave and I] have worked together for 30 years. In principle – think the same, act the same, have been able to sharpen our ideas against each other.
“In all 30 years Dave and I had only one disagreement – it was sharp, it was very intense, it was also very brief. We discovered [it was due to] a misunderstanding of what the other person meant. We were in fact in complete agreement but did demonstrate that each was fully prepared to fight for our principles.
III HP With Dave
“Despite general agreements we are not the same people
“I will tend to operate slightly differently than Dave, in detail, in the way I work with the people around me.
“A corporation is never one man, or it never should be. Its strength is in the collective ability and dedication of its people. The day Dave and I hired Harvey Zieber we lost ability to make all decisions and we have been losing it ever since. In the long run the boat cares little whether the pilot is left or right handed as long as the course is steady.
“There is no disagreement at all between Dave and myself as to where the boat is going or how it will get there.
“The organization of Group structure which we will talk about was fortunate in timing and completely independent of Dave’s appointment, but could not have come at a better time. Its implementation has delegated responsibility out of the executive office into lower operations echelons of management. [Note to himself to introduce John Young]
“The fact is that the hardest of all jobs will be to fill Dave’s shoes – true, we were both running at half throttle in a sense with our outside activities. These pay off in long run but this was a luxury that I think Dave and I knew in our hearts could not last forever. In a company that needs all the help it an get this was a disproportionate distribution of assets to have two people in position of top management where most companies are in many cases happy to have one. {and I consider myself capable}
“To help fill this vacuum left by Dave, I have asked both Ralph Lee and Noel Eldred to serve as Executive VPs. Noel’s appointment in addition to his own very considerable ability reflects the increasingly outward looking character of our company with its more diverse and expanding areas of activities.
“Ralph’s appointment reflects the requirement for a firm grip on what is going on within the company – Groups and Divisions are fine, but if they don’t work and pull together then you have all disadvantages of largeness with none of the advantages.
“Finally, with this grouping of strength here in the Palo Alto area it is increasingly important to assure that the voices in the hinterland are heard and listened to. I have asked Ed Porter to come back and take on the role of Operations V.P. with responsibility to speak for and represent the non-P.A. divisions. This is a considerably more active and responsible position than the somewhat amorphous position of the job with the same title of 3 or 4 years ago.
“Finally, I need all of your help and dedication to really keep this operation a ‘going Jesse.’ Without your help all this execution would do no good.”
1/10/69, Copies of many charts, graphs and tables for the management meeting. Included is a separate folder titled Long Range Plans. These are attached to a memo from Austin Marx to H & P and the Executive V.P.s. Marx says these are the initial look at the plans submitted by the Manufacturing Divisions.
Box 2, Folder 22 – General Speeches
February 6, 1969 – Peninsula Manufacturers Association Dinner, “Industry Man of the Year” Award to Packard, Palo Alto, CA
2/6/69 Four typewritten sheets titled “Notes for WRH talk to PMA”
On behalf of Packard, Hewlett apologies for his not being present to accept this award. He says Packard planned to be here, but had to leave a couple of days ago to go find his boss, Mel Laird. Hewlett adds that, as he understands it, Packard never did find Laird, and, in fact, is still trying to find his way back to his office in the Pentagon.
Hewlett says he knows the award being presented to Packard is based to a great extent on his efforts in the field of human relations. This has been an area of great concern to Packard, he says, and one to which he committed his energies and talents.
Hewlett says he knows Dave would say that, although we have made progress in trying to solve the human relations problems in this area we have just begun to scratch the surface. He quotes Packard as saying that progress comes not from force, but from “self enlightened action of all concerned.”
Hewlett says “That is the challenge he would leave with us tonight if he were here.”
2/6/69, Earlier draft of Hewlett’s talk, handwritten in pencil on notebook paper.
1/8/69, New release from Peninsula Manufacturers Association announcing the award to Packard
2/6/69, Memo from Dave Kirby to Hewlett giving some background and pointers in preparation for the award event
2/7/69, Letter to Hewlett from John J. Murray, Jr. thanking him for his “reminiscences and high tribute” to Packard
2/13/69, Letter to Hewlett from William E. Roberts, Jr. President of Ampex thanking him for standing in for Packard, adding that he, himself, was not able to attend as he was in the hospital
2/28/69, Copy of a letter from Hewlett to William E. Roberts, President of Ampex, thanking Hewlett for standing in for Packard at the award ceremony
Box 2, Folder 23 – General Speeches
February 25, 1969 – United Fund dinner, Palo Alto, CA
2/25/69, Typed notes for talk
Hewlett talks about his past association with the Community Chest – back in 1957. Says he learned “an awful lot” about the agencies. Says he has continued to maintain an interest “in this type of operation” through the San Francisco foundation and HP.
Hewlett talks about change and the need for organizations to change with “the tenor of the times… either by established agencies changing their pattern or by dropping some agencies who are moribund – replacing them with new agencies that more accurately reflect the needs of the community.
Hewlett says HP is “spending more on minority problems than on our contribution to the United Fund.”
He says that if HP were forced to cut back on their contribution program they would have to evaluate which area represented the more optimum use of their funds.
He adds that he thinks some of United Fund’s problems in getting support from local branches of national companies “rests exactly on this point.”
Hewlett talks about ways the Fund might seek broader support:
Got to get the top people involved – much variation between firms. Need to get to know the top policy makers, learn why low level of support – maybe something they don’t like about United Fund. He says he has no inside knowledge on this, but if support is lacking there must be a reason.
Hewlett says he sees the tide turning. Business leaders are recognizing the need to support local programs. He urges them to “look at themselves as others see you – are you staying contemporary…fit the modern scene?”
“I commend you on your efforts…you can do better…the need is there.”
Box 2, Folder 24 – General Speeches
February 25, 1969 – HP Shareholders Meeting, HP Palo Alto plant
2/25/69, Text of talk he intends to give at the meeting, handwritten by Hewlett.
Hewlett introduces himself and briefly runs down the agenda for the meeting. He says he will report on the business performance of the company, they will take care of some business items – electing Board members, approving a new stock option plan -–and then talks by two Group Managers. Tours of the 1501 Page Mill site will be available afterwards.
After reviewing operations data Hewlett talks about Packard’s departure to assume the duties of Deputy Secretary of Defense in the Nixon Administration. He notes that Packard placed all of his stock in trust while he is in Washington, and these shares will be voted at this meeting by a representatives of the Bank of America.
Hewlett talks about Packard’s departure in some detail, saying:
“I don’t think that there is a person here who will not miss him greatly. It is fortunate indeed that Dave and I had a very special relation here at the Company, for although Dave was the chief Executive Officer both in name and in fact, we shared the management responsibilities of the Company to a degree that is not common in American businesses. We had worked together for so long that, given the same set of facts, there was a very high probability that we would reach the same conclusion, albeit by different reasoning.
“Further, we made it a point to keep each other informed of our activities and of our thinking. Thus, although the loss of Dave cannot be minimized it will have less effect than if our relationship had been otherwise.
“It was also fortunate that sometime last summer we had planned a reorganization of the management structure which would provide for further delegation of responsibility from the top office to the operating divisions. The first steps of this plan had already been implemented at the time that Dave was first approached to accept a position in the government.
Hewlett goes on to name the new Group Managers: John Young, head of the Palo Alto Electronics Group, Carl Cottrell, head of the Data Products Group. Hewlett also introduces two new Executive Vice-Presidents, Ralph Lee and Noel Eldred.
Hewlett describes some of HP’s activities in “the field of the minority problems” saying, “We believe strongly that this is not a problem that an be solved simply by turning it over to the government. There is much that individuals can do, there is much the community an do , and there is much that industry an do.”
Hewlett closes with reference to their policy on dividends: “…in view of present and anticipated expansion, and the resultant need for plant and working capital, I do not anticipate any change in our present dividend rate.”
2/25/69, Printed Notice of Annual Meeting of Shareholders
2/25/69, Two additional pages of notes written by Hewlett with various operational figures
2/25/69, Typewritten suggested agenda for the shareholders meeting
2/25/69, List of Directors, Officers and Managers attending the meeting
2/25/69, Typewritten list management’s slate of nominees for Director, and biographical data for each
2/25/69, Typewritten description of 1969 Incentive Stock Option Plan
2/25/69, Several pages of tables and miscellaneous reference data
Box 2, Folder 25 – General Speeches
February 27, 1969 – How to Make R&D Pay, White, Weld Technology Conference, Pebble Beach CA
2/27/69, Copy of typewritten text of Hewlett’s speech based on an edited transcription
Hewlett says the first step toward making R&D pay is to “employ smart, well-trained, creative people.” He adds some additional factors:
“An atmosphere that is conducive to constructive and creative thinking
An evaluation system that can select the best and most appropriate ideas for further development
A control system that ensures that a selected program will progress according to a schedule and still remain viable at any point
An evaluation or feedback system that looks back and asks, ‘Did we do what we set out to do, and if not, what sent wrong.’
Emphasizing the importance of good people, Hewlett states again that it is not the total dollars you spend on R&D, it the quality of the people doing the R&D. And he gives a corollary to the effect that getting good people is not just a question of pay – although that is obviously a factor. He gives a number of factors that he feels rate equally high:
“People want an interesting job and appreciate the opportunity to participate in technical management early in their career.
People want an organization that is receptive to new ideas, not one that has a closed mind.
They want an organization that believes ideas come from the bottom up, not the top down
Most would like to have the opportunity to further their education
They hope they can have a management that is understanding of the development process and reactive to it.”
Talking about the R&D system at HP, Hewlett says one of the characteristics of their program is that they have a large number of small projects. Working in an atmosphere where there are a number of smaller projects gives the younger engineer the opportunity to have his inputs more quickly recognized, and more likely be given some administrative responsibility for the project.
Hewlett says that the process of selecting which project should be developed is one of the most critical steps in running an engineering program. He says HP has used what they call “an index of needs,” a sense of what people would like to have. It involves keeping your eyes open for new technologies that may be applied to solve particular needs. To use this method it is necessary to have a very good knowledge of the field, he acknowledges.
Hewlett addresses the question of payout, saying, “What kinds of measurements can be used to determine possible payout?” He says there are two elements involved in determining payout: – the probable cost of the development program, and second, assessing the market’s reaction to a new product.
Hewlett says they have standardized a procedure for determining these numbers, and they call the result a “return factor.” The typical return factor says that for every dollar spent on engineering you will receive four to five dollars in before-tax profit. He emphasizes that other factors may need to be considered to fit individual situations – time being one of them.
Hewlett moves on to talk about the organization of the company and the R&D program. He explains that HP has some fourteen “reasonably autonomous” divisions and each has its own research and development organization. In addition they have a central corporate laboratory, HP Labs, with what he calls a “wide open charter to investigate interesting new concepts and ideas. About 15% of total Company R&D funds are spent by this group.
Another important step after having decided on a development project is to set up a schedule and establish good standards for performance and timing. He notes that it is in the nature of engineers that they can always see some improvements that could be made if only they had another six months to work on it. He says he and Packard used to spend a great deal of time going around putting a great deal of emphasis on keeping to the development schedules.
Another important step is the post development evaluation to review how well cost and market predictions were met, even to knowing who was optimistic and who was pessimistic about the project, so you an calibrate their comments next time around.
In summary Hewlett gives an answer to the question “How do you make R&D pay?” He says “I think you get good people and then you let them grow. Put them in the sunlight where they can see the real world and react to it. Most of all you give them tender loving care and understanding and guidance, because they are really the ones who are going to determine the future of your company.”
3/14/69, Letter to Hewlett from George B. Shott sending a typewritten copy of the transcription of this speech and asking that he edit and return it. The copy to be edited is attached – notations have been made on it.
2/27/69, Outline of speech handwritten by Hewlett
2/27/69, Copy of typed agenda for the Conference, with attached list of guests
10/25/68, Copy of a letter to Hewlett from George B. Shott of White, Weld & Co., inviting Hewlett to speak on the subject to R&D at a technology seminar they are organizing
10/31/68, Copy of a letter from Hewlett to George B. Shott saying he cannot make the suggested dates for the meeting
12/23/68, Letter from George B. Shott to Hewlett thanking him for agreeing to speak at their conference
3/4/69, Letter to Hewlett from George B. Shott thanking him for participating in their Conference
3/4/69, Letter to Hewlett from T. C. Pryor of White, Weld & Co., thanking for speaking at their Conference
Box 2, Folder 26 – General Speeches
March 26, 1969 – Analyst Breakfast, New York, NY
3/26/69, Outline of talk, handwritten by Hewlett
Hewlett discusses Packard’s departure to Washington D. C. and the minimal effect this will have on the organization. [See speech January 10, 1969 also]
He talks about the changing nature of the instrument business – price increases, the role of integrated circuits, programmable systems, and the role of computers. “When it comes to meeting the needs of our customers we intend to make it unattractive for companies strictly in the computer business to come between us.”
Hewlett discusses other areas: Colorado springs, all of Palo Alto, New Jersey, Analytical, Medical, International.
3/26/69, Copy of a general letter to Security analysts inviting a group of them to join HP management people at a breakfast to be held on March 26th.
3/26/69, Copy of typewritten list of analysts invited to the breakfast
3/18/69, three identical letters written to Walter Frank, Sr., Joseph Mindall, and Mortimer Marcus inviting them to the breakfast meeting
Box 2, Folder 27 – General Speeches
March 28, 1969 – Atlanta Sales Meeting
3/28/69, Outline of topics to cover, handwritten by Hewlett
Hewlett discusses operations financial data and production figures.
Using the metaphor of a church sermon he speaks of their latest missionary program, some of the fallen, and passing the plate. He ends with “Now go forth and sell and sin no more.”
HP’s New Look
HP’s roots have been in a narrow field – With newer fields, computer, medical, analytical, must organize to go from a multimillion dollar company to a billion dollar company. Group structure designed to help.
Need to couple with customer.
Product line has grown from 480 products in 1962 to 2160 in 1969. Average order was $400 in 1959 – $2200 now.
To customer we are only HP.
He admits we may seem confused and unorganized and describes two approaches to change:
A master plan from on high; or a plan that grows from the bottom up. The latter may seem fumbling, but it is the best way. Grounded in the belief that the people most directly concerned must have a direct and strong influence in development of a plan. That is your role.
“This is the fundamental difference between a completely planned economy and a reactive one. This does not mean there is no planning – it is necessary to concentrate effort, but real management must come from bottom up – from you. That is your benediction.”
Box 2, Folder 28 – General Speeches
May 16, 1969 – HP Board Meeting, Geneva, Switzerland
5/16/69, Text of talk, handwritten by Hewlett
Hewlett welcomes the Board members to the dedication of HP’s new Headquarters in Europe. He reviews history a bit – how before the Treaty of Rome which created the European Common Market, HP marketed its products in Europe through independent sales representatives. The Treaty made it evident that Western Europe would be a major market for HP products. Two steps were necessary:
Strengthen marketing program by establishing HP’s own marketing offices in the principle countries of Europe…
Secondly, the need to establish an HP headquarters somewhere in Europe to coordinate and control the expanded European organization. Geneva was decided on because of its proximity to several major markets, its excellent transportation, ease of doing business across borders – and we were made to feel we would be welcome, that, in time, we could become accepted as a member of the community.
Hewlett says that the decision to place HP’s European Headquarter in Geneva was “one of the happiest that it has been my privilege to make.”
He talks about the growth of business in Europe – “We will do more business in Europe alone than we did for the whole world just ten years ago.” He pays special tribute to HP’s Swiss Directors: Mr. Max Gamper, Mr. Maurice Merkt, and previously, Mr. Max Paul Fry.
In closing Hewlett says: “In the decision making process that every executive must master it is important that you review past decisions , not so that you may find fault, but so that you may learn from them. If I had the ability to remake the decision that brought us to Switzerland – to Geneva – ten years ago, I would make the same decision with even more enthusiasm than I did on that day in November of 1958 when we first incorporated Hewlett-Packard SA.”
5/16/69, Earlier draft of talk, handwritten by Hewlett
5/16/69, Copy of list of dinner guests: U.S. Directors, European Directors, and HP Employees – and spouses
3/7/69, Copy of a letter from Hewlett to Max Gamper, thanking him for the “wonderful weekend,” he and Mrs. Hewlett had skiing.
5/16/69, Note with Dick Alberding’s address in Vaux, Suisse
5/16/69, Copy of list of managers and secretaries in Geneva
Box 2, Folder 29 – General Speeches
May 23, 1969 – London Dinner
It is not clear who the guests are at this dinner – probably HP people from Bedford and/or Slough (?)
5/23/69, Outline of talk handwritten by Hewlett
Hewlett states the occasion as the 10th Anniversary of HP in Europe. He says Europe and the U.K. contribute 20% of total HP sales. This is a chance to visit the plant here.
Hewlett talks about HP citizenship objectives
Support for R&D
Have not withdrawn funds – grow through reinvestment
U. S. companies should be prepared, on occasion, to report on what they have added or subtracted to economy of country.
Expresses appreciation for the level of cooperation received both from British industry as well as British Government
5/23/69, Note, in Hewlett’s handwriting, on stationary of Royal Garden Hotel, London, saying “a corporation cannot be separated from the society in which it lives. It has a responsibility to it and draws its strengths from it. It is incumbent, therefore, that HP as a corporation and its employees as citizens work toward the improvement of the basic elements of the social structure that surrounds it.”
Box 2, Folder 30 – General Speeches
June 16-17/1969 – Managers Meeting, Palo Alto, CA
Hewlett is on the agenda for this meeting, but no notes or text of his comments are in the folder.
6/16/69, Copy of meeting agenda
1/10/69, Copy of a memo to Hewlett, Lee, and Eldred from Austin Marx with some thoughts on the management meeting in June
2/11/69, Memo from Hewlett to Marx suggesting they get together later to plan for the management meeting
5/20/69, Copy of a memo from Austin Marx to major managers attaching a draft of the agenda for the management meeting
5/29/69, Copy of a letter from Hewlett to Robert M. Brown inviting him to the meeting
6/26/69, Copy of a memo from Byrd Beh, Dave Kirby’s Secretary, sending managers a copy of Kirby’s speech at the meeting titled “Growth, Revolution and the Corporate Image”
Box 2, Folder 31 – General Speeches
October 18, 1969 – Santa Clara Plant Dedication
10/18/69, Outline of speech handwritten by Hewlett
Hewlett gives special recognition to the City and the County, recognizes Alan Bagley, the General Manager of the plant, and says this site will be a major site for HP.
He says that because HP is new to this area he will give a few words about the character of the company. He talks about their belief that they must make a profit, although that is not the sole criteria. HP management believes they have a greater responsibility – to its people, to their customers, and to the community. He adds that “…we believe it and practice it.”
He closes with the thought that HP tried to be a good citizen of Santa Clara County, and he hopes they can become as good a citizen of Santa Clara City.
Box 2, Folder 32 – General Speeches
November 7, 1969 – California Manufacturers Association Award, San Francisco, CA
11/7/69, Typewritten draft of comments by Hewlett, with heading that it is the “Latter half” of his speech
On being presented with this award, Hewlett says that awards are measured by the character of the organization presenting it, and by the qualifications of the previous recipients. On both counts he concludes this award is significant.
He makes another point – that awards should be considered an award to the company as much as to the individual. And he closes with “I am delighted to accept this award and plaque both individually and in the name of my company.
6/20/69, Letter to Hewlett from Horace M Brown, VP at Continental Can Company, representing the California Manufacturers Association. Mr. Brown confirms their previous telephone conversation to the effect that The Association has chosen Hewlett as the person to be honored as “California Manufacturer of the Year for 1969.”
6/24/69, Copy of a letter from Hewlett to Horace Brown saying he is “complimented indeed” by the award.
7/18/69, Copy of a telegram to Hewlett from Charles W. Huse, President of the California Manufacturers Association, giving official confirmation of his selection as “California Manufacturer of the Year.”
7/21/69, Copy of a letter from Hewlett to Charles W. Huse saying he is honored and delighted
8/28/69, Letter to Hewlett from George G. Montgomery, Kern County Land Company, congratulating him on his honor
9/3/69, Copy of a letter from Hewlett to George Montgomery thanking him for his note
8/28/69, Letter to Hewlett from H. V. Burton, Bank of America, congratulating him on his selection
9/3/69, Copy of a letter from Hewlett to H. V. Burton thanking him for his note
8/28/69, Copy of a telegram to Hewlett from “Norman and Bob,” congratulating him on the award
8/29/69, Letter to Hewlett from Nicholas J. Hoff, Chairman of Stanford University’s Department of Aeronautics and Astronautics, congratulating Hewlett on the award
9/3/69, Copy of a letter from Hewlett to Professor Nicholas Hoff thanking him for his “nice note”
8/29/69, Letter to Hewlett from Grover D. Turnbow saying he is “impressed with the contributions you have made under our private enterprise system”
9/3/69, copy of a letter from Hewlett to Grover Turnbow thanking him for his note and ending with “I hope that I will have a chance to see you down at our bull sale on Saturday”
8/30/69, Note to Hewlett from William J. Miller congratulating him on the award
9/4/69, Copy of a letter from Hewlett to William J. Miller thanking him for his note
9/2/69, Letter to Hewlett from Dean A. Watkins. Ch. Of the Board of Watkins Johnson Company, congratulating him on the award
9/5/69, Copy of a letter from Hewlett to Dean Watkins, thanking him for his note
9/2/69, Handwritten note to Hewlett from Albert C. Beeson congratulating him on the award
9/8/69, Letter from Hewlett to Albert Beeson thanking him for his note
9/2/69, Letter to Hewlett from James K. Blinn, Merrill Lynch, Pierce, Fenner and Smith Inc. congratulating him on the award
9/11/69, Copy of a letter from Hewlett to James K. Blinn thanking him for his letter
9/19/69, Letter to Mr. and Mrs. Hewlett inviting them to a reception and dinner the evening before the award ceremony
10/1/69, Copy of a letter from Hewlett to Charles Huse saying he and Mrs. Hewlett accept with pleasure
9/30/69, Letter to Hewlett from Ernst Weber, Polytechnic Institute of Brooklyn congratulating him on the award
10/6/69, Copy of a letter from Hewlett to Ernst Weber thanking him for his note
9/17/69, Letter to Hewlett from R. G. Bowen, Electronic Manufacturers Representatives, congratulating him on the award
10/7/69, Copy of a letter from Hewlett to Ron Bowen thanking him for his note
9/3/69, Letter to Hewlett from Dr. Robert J. Wert, Mills College, congratulating him on the award
10/13/69, Copy of a letter from Hewlett to Bob Wert thanking him for his note
10/13/69, Letter to Hewlett from Walter J. Maytham congratulating him on the award
10/27/69, Copy of a letter from Hewlett to Walter J. Maytham thanking him for his note
10/22/69, Letter to Hewlett from Gage Lund sending his congratulations on the award
10/29/69, Copy of a letter from Hewlett to Gage Lund thanking him for his note
10/23/69, Letter to Hewlett from Robert K. Cutter M. D. of Cutter Laboratories, congratulating him on the award
10/29/69, Copy of a letter from Hewlett to Dr. Cutter thanking him for his note
10/15/69, Letter to Hewlett from J. M. Wait, Chairman FMC Corp., congratulating him on the award
11/2/69, Typewritten note to Hewlett’s Secretary, Madie Schneider, from HP PR person Merle Mass, giving her a list of people who will attend the dinner
11/25/69, Letter to Hewlett from Representative Don Mulford, California Legislature, enclosing a draft of a resolution being prepared in Sacramento, offering the congratulations of the State Assembly members
12/6/69, Copy of a letter from Hewlett to Representative Donald Mulford thanking him for introducing the resolution
11/6/69, Newspaper clipping from the San Jose Mercury covering the award
Box 2, Folder 33 – General Speeches
November 25, 1969 – Management Seminar Luncheon, Cupertino
11/25/69, List of a few topics for comment, handwritten by Hewlett
Hewlett lists:
Opportunity for change
Change within HP
Importance of a strong anchor in instruments
Role of computer in instrumentation
Problems of a frontal attack on a well established, well managed company
Role of corporate philosophy on assigning responsibility downwards
11/20/69, Copy of a memo from Mollie McRae to seminar attendees giving the time and place for luncheon
Box 2, Folder 34 – General Speeches
December 1-2, 1969 – Semi-Annual Managers Meeting, Palo Alto, CA
12/1/69, Outline of topics he wishes to cover, handwritten by Hewlett
We are on a basis of doubling every four years – 400 million now, should be 10 9 in 6-7 years. International at 38% – domestic 14% – equal in ’75 or ’76
What will we be like in the 70s, what will our problems be?
We will not do a billion + in electronics field alone – field not big enough
New areas will be electronically based and technically oriented – can see this pattern now: computers, calculators, medical, analytical
Growing trend toward systems
Must keep strength in basic electronic instrumentation
Role of International: Will continue to grow, need to look for additional plant site, establish operation in Singapore,
What does short time picture look like?
In U. S.
Battle with inflation
Nixon policy and high cost of money
Summary
HP enters the 70s strong, in good shape, lots of momentum – optimistic
12/1/69, Bound booklet containing agenda, and many charts, tables etc. giving operational data for FY 69
