Fiorina Out At Hewlett-Packard

Carly Fiorina has stepped down after six years as chairman and chief executive of Hewlett-Packard Co. in a surprise move at the technology company that she had steered from its roots in the printer business more deeply into personal computing and services, the company announced Wednesday. Its shares rose more than 10 percent in pre-market trading.

In a statement, Fiorina, 50, cited differences with the board over executing its strategy and suggested she was fired.

"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."

Palo-Alto-based HP named Robert P. Wayman, its chief financial officer, as interim chief executive and said it will seek a permanent replacement. HP named director Patricia C. Dunn as non-executive chairman.

HP shares were up $2.11, or 10.5 percent, at $22.25 in premarket trading.

The announcement came after recent reports suggested the HP board of directors had discussed shifting some day-to-day responsibilities from to other executives in an effort to improve the technology giant's performance.

"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 HP the capabilities to compete and win," Dunn said in a statement.

Fiorina pushed through HP's acquisition of Compaq Computer Corp. in 2002 despite fierce resistance from shareholders and directors.

Appearing at the World Economic Forum last month, Fiorina tried to downplay a report in The Wall Street Journal that said HP's board was considering shifting some of her duties to other HP executives. She called the report "speculation" and said her relationship with the board remained excellent.