EXHIBIT 99.1


HP ENGAGES ERNST & YOUNG AS AUDITORS FOR FY2000

PricewaterhouseCoopers Engagement for FY 2000 Audit Terminated in Light of
Pending Negotiations

PALO ALTO, Calif., Sept. 22, 2000 -- Hewlett-Packard Company (NYSE: HWP) today
announced the engagement of Ernst & Young LLP (E&Y) as independent public
accountants to audit HP's consolidated financial statements for the fiscal year
ending Oct. 31, 2000.

The company also approved the termination of the engagement of
PricewaterhouseCoopers LLP (PwC) with respect to the audit for the fiscal year
ending Oct. 31, 2000. The decision was made because of concerns by both HP and
PwC regarding the timing of the completion of HP's audit for the fiscal year in
light of the potential loss of PwC's independence because, as previously
announced, HP is in discussions with PricewaterhouseCoopers over a possible
acquisition of its global management and information technology consulting
practice. Terms of the transaction have not been agreed upon, and significant
issues remain to be resolved.

PwC ceased all audit work for HP on Sept. 12, 2000. There were no disagreements
between HP and PwC regarding accounting principles or HP's audited financial
statements.

ABOUT HP

Hewlett-Packard Company -- a leading global provider of computing and imaging
solutions and services -- is focused on making technology and its benefits
accessible to individuals and businesses through simple appliances, useful
e-services and an Internet infrastructure that's always on.

HP has 86,000 employees worldwide and had total revenue from continuing
operations of $42.4 billion in its 1999 fiscal year. Information about HP and
its products can be found on the World Wide Web at http://www.hp.com.

This press release may contain forward-looking statements that involve risks,
uncertainties and assumptions, including statements regarding the potential
acquisition of PricewaterhouseCoopers' global management and information
technology consulting practice and HP's engagement of E&Y. These risks include
the possibility that HP and PricewaterhouseCoopers may not consummate the
acquisition; the challenge of integrating the PricewaterhouseCoopers and HP
consulting businesses; the possibility that the combined businesses may fail to
achieve desired synergies and that, after the acquisition, HP as a whole and the
consulting business on its own may fail to achieve revenue and profit
expectations; the difficulty for HP of transitioning to new independent public
accountants for the fiscal year ending Oct. 31, 2000, including the possibility
that the engagement of new independent public accountants may divert the
attention of management and finance personnel from the operation of HP's
business; and other risks that are described from time to time in HP's
Securities and Exchange Commission reports, including but not limited to the
annual report on Form 10-K for the year ended Oct. 31, 1999, and subsequently
filed reports. HP does not intend to update these forward-looking statements.