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HP CEO Touts Turnaround Plan; Shares Plunge on Outlook

Whitman highlighted HP's key strengths during her presentation. "We're number one and number two in each of our key markets," she said. "We're well positioned in key areas like cloud, security and information optimization - we also have a talented, committed, and, I would say, resilient, workforce."

The CEO explained that her team is working hard to streamline the company's product lines, such as its mind-boggling 2,000 laser printers. "In every business, we're going to focus on a smaller number of offerings," she noted.

She also explained that HP lacked a "compelling" sales management or CRM (Customer Relationship Management) system when she joined, but is deploying technology from Salesforce.com (CRM - Get Report) to resolve this problem. Similarly, the tech giant is moving to a Workday system to revamp its HR processes.

On the product side, the CEO said that she's particularly excited about HP's networking and storage assets, pointing, in particular, to the company's recent moves around Software-Defined Networking (SDN). An emerging tech trend, SDN refers to a set of techniques for managing network traffic flows through software.

"Today, there's a new way of managing your network called Sofware Defined Networking," said Whitman. "We have the most comprehensive offering in the SDN marketplace."

The HP chief also highlighted the appeal of the firm's 3Par storage technology and its StoreOnce software and promised a complete refresh of HP's multifunction printer lineup.

-- Written by James Rogers in New York.

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