IBM CEO Palmisano Slams HP

IBM's CEO has slammed Hewlett-Packard for its research and development strategy, as well as its handling of former CEO Mark Hurd's dismissal.

In an interview with the Wall Street Journal, IBM CEO Sam Palmisano criticised computer maker HP for spending too much to acquire 3Par.

Palmisano also criticised former CEO of HP Mark Hurd for cutting investment in research and development, forcing HP to need to buy companies like 3PAR.

"HP used to be a very inventive company. I'm never worried about a competitor that doesn't invest in R&D. They've had to buy. They have no choice. Hurd cut out all the research and development," Palmisano said.

The CEO also blamed the HP board for giving Hurd a $35 million severance package.

"That is not a good use of shareholder money," he said. "It was not handled in the best interest of shareholders."

Palmisano denied rumours that he would be retiring when he turns 60 next year.

"I am not going anywhere," he said.