[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.
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
"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
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
More information about the FoRK