HP CEO, Carleton Fiorina resigns

The board of directors of Hewlett-Packard Company announced that Carleton S Fiorina has stepped down as Chairperson and Chief Executive Officer of the company with immediate effect. HP's Chief Financial Officer, Robert P Wayman has been named the new Chief Executive Officer on an interim basis. Robert, a 36-year veteran of the company, will also retain his CFO responsibilities. Meanwhile, Patricia C Dunn, an HP director since 1998, has been named Non-executive Chairman of the board.

Company sources also indicate that while the board will begin a search for a new CEO immediately, the Board does not expect to make any additional structural changes or executive leadership changes at this time. Speaking on behalf of the Board Patricia said, "Carly Fiorina came to HP to revitalize and reinvigorate the company. She had a strategic vision and put in place a plan that has given HP the capabilities to compete and win. We thank Carly for her significant leadership over the past six years."

Carleton said, "While I regret the board and have differences about how to execute HP's strategy, I respect their decision." She further added, "I wish all the people of HP much success in the future." 

Carleton's ouster comes about a month after the company's board indicated that it planned a modified role for the CEO in which some of her day-to-day duties would be transferred to other executives. HP also recently announced it would combine its hugely profitable printer business with the less-successful personal computer division. It was that division Carleton hoped to salvage with the May 2002 acquisition of Compaq, a $24 billion all-stock deal that doubled HP's revenue and eventually lifted the company's profitability. 

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