Click above for today's story in The Wall Street Journal, Fallen Star H-P's Board Ousts Fiorina as CEO.
Co.'s board, amid mounting displeasure with the Silicon Valley computer giant's performance, ousted Chief Executive Carly Fiorina after she resisted the directors' plan for her to cede some day-to-day authority to the heads of H-P's key business units.
...People familiar with the matter said directors felt too much of the company's vast operations had been centralized in Ms. Fiorina's office, creating decision-making bottlenecks. Meanwhile, H-P had failed to meet key performance targets Ms. Fiorina had set for the company during the Compaq takeover fight.
Board members stressed yesterday that the ouster didn't imply that the company would change its strategy. But the dramatic move has renewed speculation that the company might revisit the question of spinning off its highly profitable printing and imaging business. The unit supplies roughly 75% of the company's profits, largely from the mundane business of selling ink cartridges.
As recently as two weeks ago, Ms. Fiorina was still resisting the board's blueprint for management changes, according to one person familiar with the discussions. If Ms. Fiorina continued to resist, that person said at the time, the board would "tighten its position."
See! She thinks of herself as a visionary, but doesn't have the sense to delegate to the Office Twinkies!!! At least I know I could use one!