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.

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