Wikipedia

Carly Fiorina

This is an old revision of this page, as edited by Random Task (talk | contribs) at 23:29, 6 November 2006 (→Notes: make small). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Cara Carleton "Carly" Fiorina (born Cara Carleton Sneed; September 61954 in Austin, Texas) is an American business executive, best known as former CEO (1999–2005) and Chairman of the Board (2000–2005) of Hewlett-Packard (HP).

Carly Fiorina from MIT podium 2002

Early life

Business education

AT&T (1980-1995)

Fiorina joined AT&T in 1980 as a management trainee and rose to become a Vice President.

Lucent Technologies (1995-1999)

  • On November 201995, promoted by AT&T to Executive Vice President for corporate operations for the future Lucent spinoff, reporting to Henry B. Schacht.[1]
  • On February 51996, Lucent Technologies was spun off from AT&T. Fiorina played a key role in planning and implementing the initial public offering of stock and launch activities.[2][3]
  • On October 151996, appointed President of Lucent consumer products business, reporting to Rich McGinn, President and COO of Lucent.[4]
  • On October 11997, appointed Chairman of Philips Consumer Communications, a US$2.5 billion joint venture in corded/cordless phones and answering machines.[5] Philips Consumer Communications was dissolved in 1998.[6]
  • On October 231997, appointed Group President of Lucent global service provider business, with global marketing responsibility for Lucent's largest customer segment.[7]
  • In October 1998, Fiorina was ranked #1 in Fortune magazine's first listing of the most powerful women in business.[8][9] She remained at the top until 2004 and was listed near the top in the following years. On first being listed, she remarked that the ordinal ranking of this list is inappropriate.[citation needed]
  • On July 191999, Fiorina joined Hewlett-Packard.
  • On January 62000, Lucent announced that it had missed its quarterly estimates. [10]

Hewlett-Packard Company (1999-2005)

Fiorina joined Hewlett-Packard Company on July 191999 as CEO, succeeding Lewis Platt. [11] She was not involved in the decision to spin-off Agilent Technologies but she presided over the process of implementing this decision. She brought the company back from 9 quarters of missed expectations to meeting or exceeding its performance goals. She often referred to her efforts as an attempt to "Reinvent HP." During the general business downturn in 2001, Fiorina opted for 7,000 layoffs. [12]

Throughout her career at HP, Fiorina was a very visible CEO. Her business travel included interactions with Hollywood entertainers and politicians. Her actions prompted the San Jose Mercury News to speculate that she might later run for election to public office.

Fiorina approved the lease of two new Gulfstream jets to be added to the HP fleet.

Compaq merger

In 2002, Fiorina proposed a controversial merger with rival company Compaq. She campaigned for this plan and it was implemented amid some controversy. After the merger, quarterly results were inconsistent, leading to several sharp sell-offs in the shares. After the merger, HP saw an exodus of top managerial talent, mostly from the Compaq side, including Michael Capellas, Jeff Clarke, Mary McDowell, and the forced resignation of Peter Blackmore. HP's combined PC business was number one for the year following the merger until Dell Computer Corp (now Dell, Inc.) regained the top spot. HP's services lost market share to IBM but its printer division remained profitable.

On January 7, 2004, at a meeting with Congressional members, Fiorina said, "There is no job that is America's God-given right anymore. We have to compete for jobs as a nation."[13][14][15] Her statements angered Bay Area workers who felt that low wages overseas encouraged corporations to use less-qualified offshore workers instead of well-qualified locals.[16] Fiorina responded to this criticism by publishing a clarifying op-ed piece in the Wall Street Journal.[17]

Fiorina was named in the Time 100 for 2004.[18]

Departure

As HP's performance slowed, the Board of Directors became increasingly concerned. In early January 2005, the HP Board of Directors presented Fiorina with a four-page list of issues the board had with Fiorina's performance.[19] A week after the meeting, the plan was leaked to the Wall Street Journal.[20] The board proposed a plan to shift her authority to HP division heads, which Fiorina resisted.[21]

On 9 February 2005, Carly Fiorina was dismissed as chairman and chief executive officer of HP. "While I regret the board and I have differences about how to execute HP's strategy, I respect their decision," Fiorina said in a statement. "HP is a great company and I wish all the people of HP much success in the future." She was replaced by Patricia C. Dunn as chairman and Robert Wayman as CEO.[22] Hewlett-Packard's stock jumped 7% on news of her departure.[23]

Under Hewlett-Packard's severance agreement, Carly Fiorina received a US $21 million in cash, which was 2.5 times her base annual salary.[24] On March 8, 2006, two large institutional investors filed suit against Hewlett-Packard for violating its own severance cap when it doled out a multimillion-dollar payment to Fiorina as part of her termination agreement.[25]

Post-HP activities

In a commencement address at the North Carolina Agricultural and Technical State University on May 7, 2005, Fiorina said: "The worst thing I could have imagined happened. I lost my job in the most public way possible, and the press had a field day with it all over the world. And guess what? I'm still here. I am at peace and my soul is intact. I could have given it away and the story would be different."[26]

Fiorina holds positions on the board of trustees of the Massachusetts Institute of Technology, and the Foundation Board of the World Economic Forum. She is an Honorary Fellow of the London Business School.[27]

In early September 2005, Fiorina was named a director at Revolution Health Group, a venture formed by Steve Case.[28] In October 2005, Fiorina joined the board of computer security company Cybertrust.[29] In April 2006, Fiorina joined the board of directors for TSMC (Taiwan). Fiorina is an independent TSMC board member and serves on the audit and compensation committees.[30]

Book tour

On 9 October2006, Fiorina released her book, Tough Choices: A Memoir, about her career and her views on such issues as what constitutes a leader, how women can thrive in business and the role technology will continue to play in reshaping our world. She then launched a book tour, with seveal appearances scheduled for Silicon Valley locations.[31] On 10 October 2006 while she was interviewed on the Charlie Rose Show, Fiorina asserted that her leadership was strong throughout, and that the Compaq merger was well conceived, but misunderstood by the Board.[32]

In an interview with the Wall Street Journal during her book tour, Fiorina said she is considering a political career or some form of "public service." She is also open to becoming CEO of another public company.[33]

Personal life

  • Fiorina's father, Joseph T. Sneed III, was a constitutional law scholar and is a federal judge. Her mother Madelon Juergens Sneed was a portrait and abstract artist, and she has two siblings.
  • Married first husband Todd, a Stanford classmate, in June 1977.
  • In 1985, she married AT&T executive Frank J. Fiorina (he opted for early retirement in 1998). It was her second marriage and she helped to raise her two stepdaughters Traci and Lori Ann. They attempted to have children together but, as Fiorina puts it: "that wasn't God's plan."[34]

Further reading

  • Anders, George. Perfect Enough: Carly Fiorina and the Reinvention of Hewlett-Packard. New York: Penguin Group, 2003. ISBN 1-59184-003-1.
  • Burrows, Peter. Backfire: Carly Fiorina's High-Stakes Battle for the Soul of Hewlett-Packard. Wiley, 2003. ISBN 0-47126-765-1.
  • Fiorina, Carly. Tough Choices: A Memoir. Portfolio Hardcover, 2006. (hardcover: ISBN 1-59184-133-X, abridged audiobook: ISBN 0-14305-907-6)

Notes

  1. ^ "Systems and technology company headquarters, top execs announced" (Press release). November 20, 1995.
  2. ^ "AT&T announces board members, SEC filing for new company" (Press release). February 5, 1996.
  3. ^ "Fiorina to head Consumer Products business for Lucent Technologies" (Press release). October 15, 1996.
  4. ^ "Fiorina to head Consumer Products business for Lucent Technologies" (Press release). October 15, 1996.
  5. ^ "Philips and Lucent complete PCC joint venture, create world leader in corded/cordless phones and answering machines" (Press release). October 1, 1997.
  6. ^ "Lucent Technologies and Royal Philips Electronics end joint venture; Lucent to sell off its portion of operation" (Press release). October 22, 1998.
  7. ^ "Lucent Technologies appoints chief operating officers, organizes business around fastest growth opportunities" (Press release). October 23, 1997.
  8. ^ Julie Creswell and Dina Bass (October 12, 1998). "Ranking The 50 Most Powerful Women: Fortune's First Annual Look at the Women Who Most Influence Corporate America". Fortune.
  9. ^ Patricia Sellers and Cora Daniels (October 12, 1998). "The 50 Most Powerful Women In American Business: In an age of celebrity, it may surprise you that our No. 1 woman is someone you've never heard of. There are other surprises too: Some nontraditional businesswomen, like Oprah Winfrey, rank high--and some well-known CEOs, like Warnaco's Linda Wachner, don't". Fortune.
  10. ^ "Lucent Technologies comments on expectations for first fiscal quarter 2000 earnings" (Press release). January 06, 2000. {{cite press release}}: Check date values in: |date= (help); Text "http://www.lucent.com/press/0100/000106.cob.html" ignored (help)
  11. ^ Wharton School (October 18, 2006). "An Interview with Carly Fiorina". Knowledge@Wharton.
  12. ^ Peter Burrows (August 2, 1999). "HP's Carly Fiorina: The Boss". BusinessWeek.
  13. ^ Jim Puzzanghera (January 8, 2004). "Coalition of High-Tech Firms to Urge Officials to Help Keep U.S. Competitive". San Jose Mercury News (Knight Ridder/Tribune Business News).
  14. ^ Drew Cullen (January 8, 2004). "US tech industry stands up for overseas jobs". The Register.
  15. ^ Carolyn Lochhead (January 8, 2004). "Tech bosses defend overseas hiring / Intel, HP chiefs warn that U.S. needs to improve education system". San Francisco Chronicle.
  16. ^ Carolyn Lochhead (January 9, 2004). "Economists back tech industry's overseas hiring / Workers deny U.S. lacks qualified staff". San Francisco Chronicle.
  17. ^ Carly Fiorina (February 13, 2004). "Be Creative, Not Protectionist". The Wall Street Journal.
  18. ^ Sarah H. Wright (April 13, 2005). "Four earn place in Time". MIT News Office.
  19. ^ Pui-Wing Tam (February 10, 2005). "H-P's Board Ousts Fiorina as CEO". The Wall Street Journal.
  20. ^ Pui-Wing Tam (January 24, 2005). "Hewlett-Packard Board Considers A Reorganization --- Management Moves Stem From Performance Concerns; Helping Fiorina `Succeed'". The Wall Street Journal.
  21. ^ Peter Burrows and Ben Elgin (March 14, 2005). "The Surprise Player Behind The Coup At HP". BusinessWeek.
  22. ^ "HP Chairman and CEO Carly Fiorina Steps Down" (Press release). HP. February 9, 2005.
  23. ^ Paul R. La Monica (February 10, 2005). "Fiorina out, HP stock soars". CNN/Money.
  24. ^ "HP To Pay Fiorina $21 Million Severance Package". ECommerce Times. February 14, 2005.
  25. ^ Roy Mark (March 9, 2006). "HP Stockholders After Fiorina Severance". InternetNews.com.
  26. ^ "Fiorina's Commencement Address". BusinessWeek. May 9, 2005.
  27. ^ "Former Executive Bios: Carleton S. Fiorina". Retrieved 2006-01-16.
  28. ^ "Fiorina joins Case's company". CNN/Money. September 9, 2005.
  29. ^ "Carly Fiorina Joins Cybertrust Board of Directors" (Press release). October 27, 2005.
  30. ^ Dan Nystedt (April 6, 2006). "Carly Fiorina joins board of chip maker TSMC". Network World.
  31. ^ On home turf, Fiorina feted October 20, 2006
  32. ^ Fiorina, Carly (October 10, 2006). "The Charlie Rose Show" (Interview). Interviewed by Charlie Rose.
  33. ^ Alan Murray and George Anders (October 10, 2006). "Fiorina Says Her Next Role May Involve Politics". The Wall Street Journal.
  34. ^ Joann S. Lublin and Rebecca Blumenstein (July 22, 1999). "In the Upscale Fiorina Family, She's the CEO and He's Home but she enjoys the simple life". Wall Street Journal.
 
Wikimedia Commons has media related to Carly Fiorina.

Dated

Retrieved from "https://en.wikipedia.org/w/index.php?title=Carly_Fiorina&oldid=86155565"