Fiorina survives hi-tech slump

COMPUTER giant Hewlett-Packard's Carly Fiorina survives for now, but elsewhere America's top hi-tech executives are falling like dotcoms.

Sun Microsystems' president Ed Zander is quitting after 15 years, following the finance director and other top directors in recent weeks. The departures come ominously ahead of June's financial year end, and leave chief executive Scott McNealy trying to save the ship. Sun shares crashed another 20%, and are now down 90% in two years.

Larry Ellison's Oracle, the world's second biggest software group, has also seen high-level departures, while Bernie Ebbers has just stood down from WorldCom. The confidence crisis sent the Nasdaq and the Dow Jones staggering.

The latest decline has even cost Microsoft's Bill Gates his status as the world's richest man. His wealth, £23bn, is now £1bn below that of old economy 'value investor' Warren Buffett.

Meanwhile Fiorina remains as chief executive of Hewlett-Packard, thanks to court support for the merger with rival Compaq. News the deal will go ahead knocked Hewlett shares 4%. Fiorina was accused by critics of using undue influence to sway institutions to back the deal. Had it failed, she would have been ousted. Her opponent Walter Hewlett, descendant of the company's co-founder, is considering an appeal against the New Jersey court ruling.