Hewlett-Packard CEO Carly Fiorina Steps Down

By DE Editors

The board of directors of Hewlett-Packard Company (Palo Alto, CA) today announced thatCarleton S. Fiorina has stepped down as chairman and chief executiveofficer, effective immediately. Robert P. Wayman, HP’s chief financialofficer, has been named chief executive officer on an interim basis andappointed to the board of directors. Patricia C. Dunn, an HP directorsince 1998, has been named non-executive chairman of the board, alsoeffective 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 HPthe capabilities to compete and win. We thank Carly for her significantleadership over the past six years as we look forward to acceleratingexecution of the company’s strategy,” said Dunn, on behalf of the board.

“While I regret the board and I have differences about how to executeHP’s strategy, I respect their decision,” said Fiorina. “HP is a greatcompany 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, a36-year veteran of the company, will also retain his CFOresponsibilities. The company does not expect to make any additionalstructural changes or executive leadership changes at this time.

Hewlett-Packard plans to report its first quarter financial results on Feb.16, 2005, after market close. The company’s annual shareowner meeting will beheld in Chicago on March 16, 2005.

For additional details, visit the Web site of Hewlett-Packard Company.