HP have today announced that Carly Fiorina, CEO, will no longer be working for HP. After a disagreement between Fiorina and HP over the companies strategy in PC and ink markets, it emerged that Fiorina would step down from her role as Chairman and CEO immediately. HP shares rose $2.30 to $22.44 on the news.
Once described as the most powerful woman in business, Fiorina joined the company in 1999 and led the merger between HP and Compaq in 2002. However, the merger didn"t give HP the leap that it was hoped it would, and Fiorina became the target of much criticism as a reult. The period since the merger has seen cut backs and job losses at the company, with a subsequent serious drop in moral internally. One HP employee told us that he and his co-workers were "happy" with the news.
In a statement made by Fiorina today, she announced that "While I regret the board and I have differences about how to execute HP"s strategy, I respect their decision. HP is a great company and I wish all the people of HP much success in the future."
Robert Wayman has been appointed temporary CEO whilst the company looks for someone else to fill the position.