The board of directors of Hewlett-Packard Company has 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.
"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.
The company plans to report its first quarter financial results on 16 February 2005, after market close. The company expects results to be in line with consensus analyst expectations, after adjusting for the effects of the previously announced Intergraph settlement.
HP symbol was trading at 7.0% more at the time of this publication.