Carly Fiorina forced out at HP

Palo Alto (CA) - Hewlett-Packard’s board of directors today said Carly Fiorina stepped down from her role as chairman and chief executive officer of the company. Chief financial officer Robert Wayman has been named interim CEO.

In a move which was surprising to analysts and but expected to several sources inside HP, the board of directors took a dramatic step to apparently resolve differences on how to "execute HP’s strategy" and ended Fiorina’s six-year tenure. In a statement, Fiorina said she "respected" the decision of the company, but "regretted" the differences on company strategy.

HP’s board announced it will search for a new CEO immediately. Wayman, a 36-year veteran of the company, will also retain his CFO responsibilities. The company does not expect to make any additional structural changes or executive leadership changes at this time, according to the statement.

As one of the most controversial decisions, Fiorina pushed the merger between Hp and Compaq in 2001. Strongly opposed by Walter Hewlett at the time, Fiorina managed to bring the majority of the board on her side to acquire Compaq in a $24 billion deal. The acquisition diversified the firm’s structure with additional computer devices and especially services, but the bottom line is questioned by analysts. She reduced HP’s business units from 83 to five, doubled the firm’s revenue, but struggled with lifting company earnings after the merger.

HP’s stock was up about eight percent in morning trade as a result of the announcement.