????然而讓人有點詫異的是，惠普此舉似乎并沒能觸動華爾街。投資銀行及資產管理機構Needham公司認為，惠普這么做的好處“微不足道”，而且要真正變成現實也需要很長時間。晨星公司（Morningstar）則認為此舉算是合理，但“遠遠改變不了大局。”而高盛公司（Goldman Sachs）則認為，此舉“頗不足取”，因為這兩個部門的戰略收獲將十分有限。

????對某些人來說，最讓人擔憂的是維奧梅什?喬希的退休。他在打印機部門三十年的輝煌歷程中一直扮演者領軍人的角色。但是，巨變來臨之際，他卻功成身退了。此外，還有一篇花絮報道，也就是艾維克合伙人公司（Evercore Partners）所作的題為《一場毫無成效的改革》（Making Changes that Don't Really Change Anything）的報告曾經指出的一段插曲：2005年，時任首席執行官的卡莉?費奧莉娜也曾經將個人電腦部門和打印機部門合二為一，而區區6個月后，她的繼任者馬克?赫德就讓她前功盡棄。

????當前的經濟不振，打印機銷量的下滑對惠普而言可謂雪上加霜。惠特曼是努力想要重振旗鼓的，除了重新調整部門結構，她還要采取了更大膽的舉措，努力消除公司的短板，集中自身優勢。在上月舉行的收入電話會議中，惠特曼著重指出，惠普在從個人電腦到打印機再到服務的核心市場上，面對重大變化反應遲緩。上周她又表示，“所有情況都已明朗”，而對即將開始大規模裁員的傳聞，她并未試圖澄清。

????過去七年間，惠普共有六任首席執行官（包括兩位過渡性主管）先后掌舵。上周惠特曼度過了上任半年紀念日——正好是她的前任李?艾科卡任期的一半。而要讓惠普走上復興之路，即便是在最理想的環境下，也是一項需要花上數年才能見到成效的艱苦任務。目前惠普“搖錢樹”近況不佳，要在這樣的情況下開展這項工作只怕難上加難。

????譯者：清遠

????Small surprise, then, that Wall Street was hardly impressed by the move. Needham & Co. felt any gains would be "subtle" and slow to materialize. Morningstar found it sensible if "far from game-changing." Goldman Sachs found it "modestly negative" because the two divisions had few strategic gains.

????Most worrisome to some, was the retirement of Vyomesh Joshi, who led HP's printers during three successful decades but was retiring at the moment secular changes are hitting. Then there was this historical tidbit an Evercore Partners report titled "Making Changes that Don't Really Change Anything": In 2005, then-CEO Carly Fiorina combined PC and printer businesses too, only to see the work undone by her successor, Mark Hurd, six months later.

????The slowdown in printer sales is hitting HP at a tough time. Whitman is trying to do more than rearrange HP's deck chairs, she's trying to make bold moves to eliminate the company's weaknesses and focus on its strengths. In an earnings call last month, Whitman noted that HP had been slow to respond to fundamental change in its core markets – from PCs to printers to services. Last week, she said that "everything is on the table" in the reand did little to dispel reports that significant layoffs are coming.

????HP has been through six CEOs (including two interim chiefs) in the past seven years. Last week marked Whitman's six month anniversary on the job - half the tenure of her predecessor, Léo Apotheker. Reviving HP is a tough task that would take years under the best of circumstances. Doing it while the cash cow is ailing is going to make the task that much harder.