Fiorina out at HP

Carly Fiorina has been shown the door at HP. After six years in the hotseat, the HP board announced that Fiorina has stepped down as chairman and CEO effective immediately. In the official HP statement, Fiorina cited disagreements with the board on company strategy.

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By  Stuart Wilson Published  February 9, 2005

Carly Fiorina has been shown the door at HP. After six years in the hotseat, the HP board announced that Fiorina has stepped down as chairman and CEO effective immediately. In the official HP statement, Fiorina cited disagreements with the board on company strategy. “While I regret the board and I have differences about how to execute HP's strategy, I respect their decision,” stated Fiorina. “HP is a great company and I wish all the people of HP much success in the future.” “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 as we look forward to accelerating execution of the company's strategy,” said Patricia Dunn, on behalf of the board. Dunn, an HP director since 1998, has been named as non-executive chairman of the board effective immediately. Robert Wayman, HP’s chief financial officer has been named chief executive officer on an interim basis and appointed to the board of directors. Wayman will also retain his CFO responsibilities and HP will begin its search for a new CEO immediately. In an internal memo to all HP employees, Wayman thanked Fiorina for her contribution to HP and set out his plan for the next few months. “I look forward to stepping into the role of CEO and leading HP through the next few months,” read the memo. “I will be focused on accelerating our execution against our established strategy until a new CEO is named. We continue to believe we have the right ingredients for success. With all the members of the Executive Council, I'm focused on driving improved performance and consistency of operations. I'm proud of the people of this company and all we've achieved together. There's more work to be done, but I believe we have a dedicated team focused on executing our strategy and meeting customer needs.” “I have great confidence in our ability to execute the strategies and plans we have put in place. HP will report its first quarter results next week, and I look forward to giving you an update on our performance, which we expect to be in line with consensus analyst expectations (after adjusting for the effects of the previously announced Intergraph settlement),” the memo continued.

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