PALO ALTO, Calif.-Computer company Hewlett-Packard Co. sacked Carleton Fiorina as its chairman and chief executive officer, news that sent the company’s stock up more than 5 percent in trading to around $21.23 per share. HP said Chief Financial Officer Robert Wayman will serve as interim CEO until the company can find a permanent replacement.
Fiorina was one of the computer industry’s most recognizable and outspoken executives. She headed HP’s merger with Compaq Computer Corp., going against many on the company’s board of directors.
“Carly Fiorina came to HP to revitalize and reinvigorate the company,” said Patricia Dunn, an HP director. “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 said. “HP is a great company and I wish all the people of HP much success in the future.”
Critics argue that HP has largely failed to escape from its roots in the printer industry, a market that is in somewhat of a decline. The company was the No. 1 printer vendor in the third quarter of last year, according to research and consulting firm Gartner, with shipments of 6.9 million units. In the same quarter a year earlier, HP shipped 7.2 million printers. HP recently announced its intent to expand its mobile efforts, focusing on sales of laptops, wireless personal digital assistants and carrier software products.
Fiorina received salary and bonuses totaling $3.44 million during the past fiscal year.
Fiorina joined HP in 1999 as its CEO, and was named chairman a year later. Prior to joining HP, Fiorina spent nearly 20 years at AT&T Corp. and Lucent Technologies Inc., where she held a number of senior leadership positions and directed Lucent’s initial public offering and subsequent spinoff from AT&T. Fiorina holds a bachelor’s degree in medieval history and philosophy from Stanford University. She holds a master’s degree in business administration from the Robert H. Smith School of Business at the University of Maryland at College Park, Md., and a Master of Science degree from MIT’s Sloan School.
