Monday, November 30, 2015
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
BlackBerry is Exiting Asian Country Following Government Pressure
TDK To Buy Semiconductor Factory From Renesas Electronics
Swatch Parners With Visa On Pay-by-the wrist Payments
Amazon Unveils New Drone For Prime Air Delivery
Google Glass Evoluion Could Be A Monocle
NSA's Phone Surveillance Program Changes
Lenovo and Razer Partner to Make Gaming PCs
LG Display Makes Huge Investment in OLED Panels
Active Discussions
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
How to burn a backup copy of The Frozen Throne
Help make DVDInfoPro better with dvdinfomantis!!!
Copied dvd's say blank in computer only
menu making
Optiarc AD-7260S review
 Home > News > General Computing > Fiorina...
Last 7 Days News : SU MO TU WE TH FR SA All News

Thursday, February 10, 2005
Fiorina is out at HP

The board of directors announced that Fiorina stepped down as chairman and chief executive, effective immediately.

Robert P. Wayman, HP's chief financial officer, has been named interim CEO. Patricia C. Dunn, an HP director since 1998, has been named non-executive chairman of the board.

"Carly Fiorina came to HP to revitalize and reinvigorate the company," Dunn said in a prepared statement. "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."

Fiorina joined Hewlett-Packard in July 1999 as chief executive. She was named chairman one year later.

She repositioned the company, including its 2002 merger with Compaq Computer. It was one of the largest high-tech mergers in history.

Fiorina earned a bachelor's degree in medieval history and philosophy from Stanford University. She received an M.B.A. from the University of Maryland and an M.S. from M.I.T.'s Sloan School.

She worked for AT&T and Lucent Technologies (nyse: LU - news - people ) for 20 years before joining HP.

Hewlett-Packard plans to report first-quarter results after the market close Feb. 16. It expects results to be in line with analysts' consensus estimates of 37 cents per share.

HP shares rose as much as $2.12 to $22.26 from yesterday's close of $20.14. Later in the morning, they settled to a gain of about a dollar per share. Based on an average of 2.991 billion shares outstanding on a diluted basis for the fiscal fourth quarter ended Oct. 31, 2004, that gain of one dollar per share from Fiorina's resignation has added about $2.991 billion in market capitalization to the company.

Last month, HP's board of directors discussed shifting some day-to-day duties to other executives from Fiorina in an effort to boost the company's performance.

At the time, company insiders said Fiorina's job was not in question.

Fiorina is perhaps best known for heading HP's difficult $19 billion merger with Compaq Computer in 2002. Some analysts said it was difficult to mesh the different company cultures--HP sought a consensus before moving forward while Compaq quickly made decisions and acted on them.

Wall Street turned thumbs down on the deal, driving down shares of HP and Compaq. At one point, the $25 billion stock deal took nearly a $8 billion hit.

Many HP employees wrote letters to the editor of about the merger. One said, "Carly Fiorina has lost the people of HP. She is reviled, despised and unwelcome in the company. The vast majority of HP people wouldn't follow her to a new restaurant, much less through a gut-wrench merger."

HP was unable to regain the top spot in the Unix server market under Fiorina.

HP squandered its leadership and allowed Sun Microsystems (nasdaq: SUNW - news - people ) to leap ahead. HP decided to hold back development of its Unix chip platform, industry sources said, in an apparent effort to appease Intel (nasdaq: INTC - news - people ), its development partner in Itanium, a competing architecture.

Sun spent less than $100 million to buy the high-end UltraSPRAC from Cray Research in July 1996. Sun's investment turned into a multibillion dollar business. Fiorina tried to fix HP's Unix server business when she joined the company in July 1999.

Toshiba, SanDisk develop 8-Gbit, 70nm NAND flash        All News        PlayStation 3 launch 'ahead of E3', says Sony
Toshiba, SanDisk develop 8-Gbit, 70nm NAND flash     General Computing News      RealNetworks loosens commercial license

Source Link Get RSS feed Easy Print E-Mail this Message

Related News
HP Profit Lower Than Expected
HP And Titan To Develop New Smartwatch
Updated HP Elite x2 Tablet Built for Business
HP Unveils Storage and Cooling Solutions For Desktop Workstations, Quad Core Workstation Ultrabooks
HP's Chromebook Gets A Makeover With High Resolution Displays and Colors
Dell, HP, Intel, Lenovo and Microsoft Unite to Promote The PC
HP and 3M to Combat Visual Hacking With Integrated Screen Privacy Solution for PCs
HP Unveils Windows 10 Computers In New Form Factors and Designs
Hewlett-Packard Board Approves Company Split, Sued For More Than $160 Million
HP Adds Security Features To Printers
HP To Axe to 30,000 Jobs
HP Revenue Falls on Weak PC Sales

Most Popular News
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .