[FoRK] Ding Dong The Witch Is Dead...

Ian Andrew Bell (FoRK) fork at ianbell.com
Wed Feb 9 09:47:18 PST 2005


Did anyone ever really think she had what it took to revitalize a giant 
like HP?  Even after a strange and insubstantial merger with Compaq, 
she has left HP weaker than she found it.  I suppose I have always 
objected to Fiorina as a typical telecom executive -- keep your head 
down and achieve teflon status over years of middle management 
ambiguity and get promoted to VP, and eventually CEO, strictly through 
attrition.  After running Lucent absolutely into the ground and, before 
that, sitting by watching AT&T run itself into the ground, she was 
clearly in over her head from the start.  The deathwatch began the day 
she accepted the post as HP's CEO.

Now, I hope, she has been found out.  She has cost the shareholders of 
AT&T, Lucent, and HP hundreds of billions of dollars.

-Ian.

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http://marketnews.ca/news_detail.asp?nid=432

HPs Fiorina Steps Down

Palo Alto, CA, February 9, 2005:  The board of directors of 
Hewlett-Packard Co. has announced that Carleton S. Fiorina has stepped 
down as Chairman and CEO of the Company, effective immediately.  Robert 
P. Wayman, HP’s CFO, has been named CEO on an interim basis, and 
appointed to the board of directors.  He will continue to retain his 
CFO responsibilities.  Patricia C. Dunn, an HP director since 1998, has 
been named non-executive chairman of the board, also effective 
immediately.  According to a CNN report, Fiorina was ousted by the 
board, due to her failure to “produce the shareholder returns of 
profits she had promised” after the controversial merger with Compaq, 
which, according to a recent Reuters report, many felt weakened the 
value of HP's primary focus: the printer and imaging business.  CNN 
also reported that HP’s share price jumped approximately nine per cent 
on the New York Stock Exchange after the announcement was made.

  "Carly Fiorina came to HP to revitalize and reinvigorate the Company,” 
said Dunn, 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 six years 
as we look forward to accelerating execution of the company's 
strategy." 

"While I regret the board and I have differences about how to execute 
HP's strategy, I respect their decision," Fiorina commented. "HP is a 
great Company, and I wish all the people of HP much success in the 
future."  

The board says that it will begin searching for a new CEO immediately.  
HP says that it does not expect to make any additional structural 
changes or executive leadership changes at this time.

Posted: 2/9/2005 11:50:24 AM


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