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Daily News

HP Chairman, CEO Steps Down
Feb 9, 2005
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Business appliance maker Hewlett-Packard Company (HP) announced that Carleton S. Fiorina has stepped down as chairman and CEO, effective immediately.

The board of directors has named Robert P. Wayman, HP's CFO, as interim CEO and has appointed him to the board of directors, effective immediately. Mr. Wayman will also retain his CFO responsibilities. Patricia C. Dunn, an HP director since 1998, has been named non-executive chairman of the board, also effective immediately.

Ms. Fiorina cited differences with the company's board of directors regarding the direction of the company as reason for her departure. "While I regret the board and I have differences about how to execute HP's strategy, I respect their decision," she said in a statement. "HP is a great company, and I wish all the people of HP much success in the future."

According to the company, the board will begin a search for a new CEO immediately. The company said it does not expect to make any additional structural changes or executive leadership changes at this time.

"Carly Fiorina came to HP to revitalize and reinvigorate the company," Ms. Dunn said in a statement on behalf of the board. "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 6 years as we look forward to accelerating execution of the company's strategy."

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