SAN FRANCISCO -- In a move that has taken most observers completely by surprise, Carly Fiorina has resigned as chairman and chief executive of Hewlett-Packard Co.

Fiorina, who managed the massive merger of HP with one of its chief rivals, Compaq Computer, cited differences with the board over executing its strategy.

In a statement, Fiorina suggested she was fired, "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."

The HP board has suggested or initiated several changes of late, from restructuring Fiorina's responsibilities to bringing on a new director whose influence is felt industry wide.


The board named chief financial officer Robert P. Wayman as interim chief executive and said it will seek a permanent replacement.

In a briefing Wall Street investment firm Goldman Sachs said the appointment of Wayman suggests the decision was made abruptly, even though "we suspect the board must have quietly been considering this as part of their annual performance review."

Fiorina's six-year tenure at the helm of HP was marked by bold moves -- and intense criticism. Following the merger with Compaq, she embarked on an ambitious diversification strategy -- an attempt to change HP into a high-end consulting and computing concern in the image of IBM.

The Wall Street Journal reported last month that HP's board was considering shifting her day-to-day duties to other HP executives. Also, venture capitalist and former board member Thomas Perkins recently rejoined the board. Perkins is renowned for his ability in tech companies.

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