HP is not making the most of its monster merger with Compaq, completed over two years ago, chairman and CEO Carly Fiornina has said.

"We are not fully leveraging what we built," she explained during a speech in Taipei earlier today. "Compaq, while it was a huge merger, was a tactic, not a strategy. The challenge now is to leverage what we have built."

HP acquired Compaq in 2002 in order to pull together a number of technologies and consumer and corporate applications, that would be different from that offered by other vendors, she said. Presumably, she's not convinced that that has happened.

Needless to say, she did not specify however in which areas HP's business needed improvement or where precisely the company has fallen short.

But she did concede that she had made mistakes during her tenure as HP's top executive. Then again, of course, she does not regret the decisions she made. In particular, Fiorina said she should have made certain "people decisions" sooner. She did not elaborate.

Fiorina's comments were most likely in reference to recent problems at its Enterprise Servers and Storage Group. In August, Fiorina blamed the management of that group for a series of operational problems that had cost the company an estimated $400 million in revenue and $275 million in operating profit during its third quarter.

At the time, she did not name names but promised immediate management changes. The next day, a Fiorina e-mail announced three of the company's top sales executives had been fired, including Peter Blackmore, the former executive vice president of HP's Customer Solutions Group. There is a suspicion she may have been referring to him.