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Fiorina is new chairman of HP

After 14 months as president and CEO, Carly Fiorina gets major vote of confidence from the board of directors.

Hewlett-Packard named Carly Fiorina chairman of the board last Friday. She also will continue in her current role as president and CEO.

Fiorina succeeds Richard Hackborn, who had been serving as non-executive chairman. Hackborn will retain a seat on the board.

The board also approved a buyback of up to US$1 billion of its outstanding stock.

HP said it expects to meet its 15% revenue growth targets and analysts' earnings estimates of $1.03 per share for the fourth quarter, which ends on October 31.

"This appointment is a strong vote of confidence in Carly's leadership and the direction she has set for the company over the past 14 months," Hackborn said. "Under her stewardship, the company is now poised for accelerated growth."

Fiorina has set about returning HP to a competitive position in the services, e-business, and enterprise spaces since she assumed the role of president and CEO. She is also in the process of acquiring the consulting practice of PricewaterhouseCoopers in a deal which could cost HP a massive $20 billion.