RealTime IT News

Wanted: CEO to Fix HP

HP is looking for a new CEO and possibly a new direction now that Carly Fiorina is leaving the company.

The Palo Alto, Calif.-based computer and printer maker said it has begun a replacement search with CFO Bob Wayman serving as interim CEO and Patricia Dunn taking up the chairman of the board duties. The shakeup comes a week before HP files its first-quarter financial results on Feb. 16.

Carly Fiorina
Carly Fiorina
Source: HP

Possible names already being tossed about include former HP president Michael Capellas, who currently heads MCI; Ann Livermore, a long-time HP executive who was in the running for the CEO spot with Fiorina after Lew Platt left HP in the summer of 1999; and Vyomesh Joshi (VJ), executive vice president of HP's newly formed imaging and personal systems group. HP spokesman Bob Sherbin said that both internal and external candidates would be considered.

But analysts say the challenge will be significant for the new leader of HP's staff of 150,000 in 170 countries. HP faces some tough decisions in streamlining its business to compete with Dell's leading sales position and IBM's worldwide reach.

As for Fiorina, HP said she will receive a compensation package totaling $21.1 million.

"I'd be surprised if she hasn't already received five offers since lunch," National Association for Female Executives (NAFE) president Betty Spence told internetnews.com. "She has been highly visible and admired for what she has done."

Spence's organization recently ranked HP second on its list of "Top 30 Companies for Executive Women." HP, which supports a bevy of programs preparing women for top positions, placed HP between cosmetic companies Avon and Liz Claiborne.

"I would hope that HP would continue the programs and policies to tap into the women's talent and advise women employees on getting more profit and loss responsibility in their training," Spence said.