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HP Chairman and CEO Carly Fiorina Steps Down

Thursday, February 10, 2005

Press release from the issuing company

PALO ALTO, Calif.--Feb. 9, 2005--The board of directors of Hewlett-Packard Company today announced that Carleton S. Fiorina has stepped down as chairman and chief executive officer, effective immediately. Robert P. Wayman, HP's chief financial officer, has been named chief executive officer on an interim basis and appointed to the board of directors. Patricia C. Dunn, an HP director since 1998, has been named non-executive chairman of the board, also effective immediately. "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 Dunn, on behalf of the board. "While I regret the board and I have differences about how to execute HP's strategy, I respect their decision," said Fiorina. "HP is a great company and I wish all the people of HP much success in the future." The board will begin a search for a new CEO immediately. Wayman, a 36-year veteran of the company, will also retain his CFO responsibilities. The company does not expect to make any additional structural changes or executive leadership changes at this time.

 

 

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