Wednesday, February 09, 2005
Fiorina steps down at HP
The company said the change was effective as of Tuesday, when the board made its final decision to ask Fiorina to step down. Robert Wayman, HP's chief financial officer, has been named interim CEO and has been appointed to the board. Patricia Dunn, who has served on the board since 1998, has been named chairman.
Fiorina's severance package is $21.1 million, a sum that includes stock options and a cash payment based on her salary and bonus, said HP spokeswoman Monica Sarkar.
According to the company, the departure stemmed from disagreements over how to execute the company's strategy.
'The differences came down to Carly catalyzing the transformation of HP. She did that in remarkable fashion and executed the merger with Compaq in superior fashion. But looking forward, we think we'll (need a CEO with) hands-on execution,' Dunn said on a conference call.
Dunn said that the board had been discussing Fiorina's performance for several weeks and had sought outside advisers--including longtime counsel Larry Sonsini--to help the directors make their decision. She added that no single event had triggered her departure.
Fiorina acknowledged discord with the company's board.
'While I regret the board and I have differences about how to execute HP's strategy, I respect their decision,' Fiorina said in a statement.
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This sucks.. I may be the only one who feels this way but after all shes done for that company they gonna let her go.. While I do understand the reasons, maybe change is good.. On another note Carly Fiorina is the best looking female CEO I have ever seen.. If I sat next to her on the plane I'd try my luck. Carly is an angel compared to the way my CEO looks.
Keep ya head up Carly we are all proud of you.. Take your $$ and travel the world for a few months.. Its a well deserved vacation.
Fiorina's severance package is $21.1 million, a sum that includes stock options and a cash payment based on her salary and bonus, said HP spokeswoman Monica Sarkar.
According to the company, the departure stemmed from disagreements over how to execute the company's strategy.
'The differences came down to Carly catalyzing the transformation of HP. She did that in remarkable fashion and executed the merger with Compaq in superior fashion. But looking forward, we think we'll (need a CEO with) hands-on execution,' Dunn said on a conference call.
Dunn said that the board had been discussing Fiorina's performance for several weeks and had sought outside advisers--including longtime counsel Larry Sonsini--to help the directors make their decision. She added that no single event had triggered her departure.
Fiorina acknowledged discord with the company's board.
'While I regret the board and I have differences about how to execute HP's strategy, I respect their decision,' Fiorina said in a statement.
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This sucks.. I may be the only one who feels this way but after all shes done for that company they gonna let her go.. While I do understand the reasons, maybe change is good.. On another note Carly Fiorina is the best looking female CEO I have ever seen.. If I sat next to her on the plane I'd try my luck. Carly is an angel compared to the way my CEO looks.
Keep ya head up Carly we are all proud of you.. Take your $$ and travel the world for a few months.. Its a well deserved vacation.
