February 9, 2005 10:07 AM PST
Memo: HP after Fiorina
To: All HP Employees
From: Bob Wayman
Re: Carly Fiorina Steps Down as Chairman, CEO
The HP Board of Directors announced this morning that Carly Fiorina has stepped down as Chairman and CEO, effective immediately.
On behalf of the Board and the management team, I want to thank Carly for all she has contributed to HP. In her six years as CEO, Carly has revitalized the company. She had a strategic vision that has given HP the capabilities to compete and win. Through her leadership and vision, HP has laid a solid foundation for success in the marketplace.
With Carly's departure, the Board has asked that I serve as interim CEO in addition to my current role as CFO. Patricia Dunn, an HP director since 1998, has been named Non-Executive Chairman of the Board. The search for a new CEO will begin immediately.
I look forward to stepping into the role of CEO and leading HP through the next few months. I will be focused on accelerating our execution against our established strategy until a new CEO is named. We continue to believe we have the right ingredients for success. With all the members of the Executive Council, I'm focused on driving improved performance and consistency of operations. I'm proud of the people of this company and all we've achieved together. There's more work to be done, but I believe we have a dedicated team focused on executing our strategy and meeting customer needs.
I have great confidence in our ability to execute the strategies and plans we have put in place. HP will report its first quarter results next week, and I look forward to giving you an update on our performance, which we expect to be in line with consensus analyst expectations (after adjusting for the effects of the previously announced Intergraph settlement).
I'd like to ask your support in helping me and other members of the management team move forward as a cohesive team -- dedicated to delivering on our commitments to our customers, to you our employees and to our shareowners. Thank you for your continued focus.
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