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HP Appoints CAO

PALO ALTO, Calif. -- HP (NYSE:HPQ - News; Nasdaq:HPQ - News) today announced the promotion of Jon Flaxman, a 26-year company veteran, to the newly created post of chief administrative officer (CAO) and executive vice president and the appointment of two other executives to senior finance roles. The three appointments are each effective March 1.

Flaxman, 49, who has served since 2001 as controller and senior vice president and is principal accounting officer, will be responsible in his new role for a range of centralized support services, including internal procurement and real estate, as well as for HP Financial Services, the company's financing arm. Reporting to Mark Hurd, HP chairman and chief executive officer, he also will join the company's Executive Council leadership team as its 11th member.

"Establishing the CAO role will enable HP to continue to improve efficiency and coordination of its support activities," said Hurd. "Jon has outstanding leadership and administrative skills, as well as an impressive track record for delivering results, and I am delighted that he has accepted this position."

Hewlett-Packard Co.