????惠普拆分后的兩家新公司，可能仍無法具備現任CEO梅格?惠特曼所希望的靈敏性，或者我們所期待的更人性化的管理方式。但此次拆分意味著惠普正在朝著正確的方向前進。

????盡管如此，兩家新公司的治理結構方案卻非常荒謬。現任惠普首席董事陸思博被任命為惠普企業公司董事長，該公司將專注從事服務器、存儲與網絡業務。惠特曼將擔任惠普企業公司的CEO。而在令惠普損失慘重的Autonomy收購案中，陸思博與惠特曼作為董事會成員，均需要對當初的收購決定負責。當時，董事會的決定曾遭到惠普CFO（首席財務官）凱西?萊斯杰克的反對。惠普宣布，萊斯杰克將擔任惠普企業公司的CFO。

????除了擔任惠普企業公司的CEO外，惠特曼還將出任拆分后的新惠普公司董事長，該公司將專注從事個人電腦與打印機業務。這一決定毫無意義。讓老上司盯著新任CEO（迪昂?維斯勒將出任新惠普公司的CEO），沒有任何好處。難道新成立的惠普企業公司還不足以讓惠特曼忙得不可開交嗎？

????此次拆分帶來了許多問題。惠普最近同意實施“代理參與”(proxy access)，即允許股東提名將參與公司投票的董事人選。如今，“代理參與”能否應用于兩家新公司？

????惠特曼的薪酬是否會有所變化？她目前的薪酬是否會由維斯勒與惠特曼平分？畢竟，現在的惠普將分成兩個人管理。公司的新薪酬計劃是否會讓惠特曼從公司股票的短期上漲中獲益，即使她并未創造出自己所承諾的長期價值？或者，薪酬計劃將要求兩位CEO對長期成果負責？

????如果董事會能夠解決公司的治理缺陷和潛在的失誤，此次拆分將給惠普帶來積極效果。從惠特曼手中剝離一半業務，從深層意義上而言，也可能意味著董事會對她的長期信心不足。如果是這樣，未來公司必將有更多變化。

????本文作者愛麗諾?布洛斯罕是獨立董事會培訓咨詢機構價值聯盟和公司治理聯盟（The Value Alliance and Corporate Governance Alliance）的首席執行官。她于1999年創辦該機構。她從2010年10月起成為《財富》雜志定期供稿人，并著有兩本有關價值評估與治理的著作。（財富中文網）

????譯者：劉進龍/汪皓

????The two new companies HP HPQ 1.99% is creating may still elude the nimbleness current HP CEO Meg Whitman hopes for, or a more humane approach to management that we all desire. But HP is moving in the right direction with the split.

????With that said, the proposed governance structure for the two new firms is absurd. Pat Russo, currently HP’s lead director, is slated to be chair of the new Hewlett-Packard Enterprises, a servers, storage, and networking firm. Both Russo and Whitman, who will be CEO of Hewlett-Packard Enterprises, were responsible as board members for the disastrous Autonomy purchase decision, a move that the board made over the objection of HP CFO Cathy Lesjak. HP announced that Lesjak will become CFO of the new enterprise firm.

????In addition to her CEO role at Hewlett-Packard Enterprises, Whitman will also be chair of the new HP Inc., a personal computer and printers company. This move makes little sense. It is never good to have the old boss hovering over the new CEO, who in this case will be Dion Weisler. Won’t Whitman have her hands full at the new enterprise company anyway?

????The split raises many questions. HP had recently agreed to proxy access, which would allow shareholders to propose board nominees that would be included on the company’s ballot. Will proxy access now apply to both of the new companies?

????What will happen to the size of Whitman’s paycheck? Will her current pay be split between Weisler and Whitman since, jointly, they will be managing what is now HP? Will we see new compensation plans that will allow Whitman to take advantage of short-term pops to the company’s stock even if she doesn’t create the long-term value she has promised for some time? Or will the pay checks hold both CEOs accountable for long-term results?

????The split could be a real positive for HP if the board addresses the company’s governance flaws and potential missteps. Stripping half of HP from Whitman could also signal that, behind the scenes, the board lacks long-term confidence in her. In that case, there may be many more changes ahead.

????Eleanor Bloxham is CEO of The Value Alliance and Corporate Governance Alliance (http://www.thevaluealliance.com), an independent board education and advisory firm she founded in 1999. She has been a regular contributor to Fortune since April 2010 and is the author of two books on valuation and governance.