Carly Fiorina

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Cara Carleton "Carly" Fiorina (born Cara Carleton Sneed; September 6 1954 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).

1 Early life
2 Business education
3 AT&T (1980-1995)
4 Lucent Technologies (1995-1999)
5 Hewlett-Packard Company (1999-2005)
- 5.1 Compaq merger
- 5.2 Departure
6 Post-HP activities
- 6.1 Book tour
7 Personal life
8 Further reading
9 Notes
10 External links
- 10.1 Dated

[edit] Early life

High school: Charles E. Jordan Senior High School, Durham, North Carolina (Fiorina was at Jordan for only her Senior year due to her father's frequent relocations during this time)
BA double major in medieval history and philosophy, Stanford University, California, 1976
Attended law school at University of California, Los Angeles but dropped out after one semester.
Worked as a receptionist at Marcus & Millichap, then a small real-estate firm
Taught English in Italy (her first husband's career had taken them to that country)

[edit] Business education

MBA in marketing, Robert H. Smith School of Business at the University of Maryland, College Park, 1980
MS in management, MIT Sloan School of Management under the Sloan Fellows program, Cambridge, Massachusetts, 1989

[edit] AT&T (1980-1995)

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

[edit] Lucent Technologies (1995-1999)

On November 20 1995, promoted by AT&T to Executive Vice President for corporate operations for the future Lucent spinoff, reporting to Henry B. Schacht.<ref> (November 20, 1995). Systems and technology company headquarters, top execs announced. Press release.</ref>
On February 5 1996, 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.<ref> (February 5, 1996). AT&T announces board members, SEC filing for new company. Press release.</ref><ref> (October 15, 1996). Fiorina to head Consumer Products business for Lucent Technologies. Press release.</ref>
On October 15 1996, appointed President of Lucent consumer products business, reporting to Rich McGinn, President and COO of Lucent.<ref> (October 15, 1996). Fiorina to head Consumer Products business for Lucent Technologies. Press release.</ref>
On October 1 1997, appointed Chairman of Philips Consumer Communications, a US$2.5 billion joint venture in corded/cordless phones and answering machines.<ref> (October 1, 1997). Philips and Lucent complete PCC joint venture, create world leader in corded/cordless phones and answering machines. Press release.</ref> Philips Consumer Communications was dissolved in 1998.<ref> (October 22, 1998). Lucent Technologies and Royal Philips Electronics end joint venture; Lucent to sell off its portion of operation. Press release.</ref>
On October 23 1997, appointed Group President of Lucent global service provider business, with global marketing responsibility for Lucent's largest customer segment.<ref> (October 23, 1997). Lucent Technologies appoints chief operating officers, organizes business around fastest growth opportunities. Press release.</ref>
In October 1998, Fiorina was ranked #1 in Fortune magazine's first listing of the most powerful women in business.<ref>Julie Creswell and Dina Bass. "Ranking The 50 Most Powerful Women: Fortune's First Annual Look at the Women Who Most Influence Corporate America", Fortune, October 12, 1998.</ref><ref>Patricia Sellers and Cora Daniels. "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, October 12, 1998.</ref> 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 idea of this list is inappropriate.
On July 19 1999, Fiorina joined Hewlett-Packard.

[edit] Hewlett-Packard Company (1999-2005)

Fiorina joined Hewlett-Packard Company on July 19 1999 as CEO, succeeding Lewis Platt. <ref>Wharton School. "An Interview with Carly Fiorina", Knowledge@Wharton, October 18, 2006.

</ref> 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. <ref>Peter Burrows. "HP's Carly Fiorina: The Boss", BusinessWeek, August 2, 1999. </ref>

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.

[edit] 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."<ref>Jim Puzzanghera. "Coalition of High-Tech Firms to Urge Officials to Help Keep U.S. Competitive", San Jose Mercury News (Knight Ridder/Tribune Business News), January 8, 2004.</ref><ref>Drew Cullen. "US tech industry stands up for overseas jobs", The Register, January 8, 2004.</ref><ref>Carolyn Lochhead. "Tech bosses defend overseas hiring / Intel, HP chiefs warn that U.S. needs to improve education system", San Francisco Chronicle, January 8, 2004.</ref> 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.<ref>Carolyn Lochhead. "Economists back tech industry's overseas hiring / Workers deny U.S. lacks qualified staff", San Francisco Chronicle, January 9, 2004.</ref> Fiorina responded to this criticism by publishing a clarifying op-ed piece in the Wall Street Journal.<ref>Carly Fiorina. "Be Creative, Not Protectionist", The Wall Street Journal, February 13, 2004.</ref>

Fiorina was named in the Time 100 for 2004.<ref>Sarah H. Wright. "Four earn place in Time", MIT News Office, April 13, 2005.</ref>

[edit] 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.<ref>Pui-Wing Tam. "H-P's Board Ousts Fiorina as CEO", The Wall Street Journal, February 10, 2005.</ref> A week after the meeting, the plan was leaked to the Wall Street Journal.<ref>Pui-Wing Tam. "Hewlett-Packard Board Considers A Reorganization --- Management Moves Stem From Performance Concerns; Helping Fiorina `Succeed'", The Wall Street Journal, January 24, 2005.</ref> The board proposed a plan to shift her authority to HP division heads, which Fiorina resisted.<ref>Peter Burrows and Ben Elgin. "The Surprise Player Behind The Coup At HP", BusinessWeek, March 14, 2005.</ref>

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 CFO Robert Wayman as CEO.<ref>HP (February 9, 2005). HP Chairman and CEO Carly Fiorina Steps Down. Press release. </ref> Hewlett-Packard's stock jumped 7% on news of her departure.<ref>Paul R. La Monica. "Fiorina out, HP stock soars", CNN/Money, February 10, 2005.</ref>

Under Hewlett-Packard's severance agreement, Carly Fiorina received US $21 million in cash, which was 2.5 times her base annual salary.<ref>"HP To Pay Fiorina $21 Million Severance Package", ECommerce Times, February 14, 2005.</ref> 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.<ref> Roy Mark. "HP Stockholders After Fiorina Severance", InternetNews.com, March 9, 2006.</ref>

[edit] 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."<ref>"Fiorina's Commencement Address", BusinessWeek, May 9, 2005.</ref>

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.<ref>Former Executive Bios: Carleton S. Fiorina. Retrieved on 2006-01-16.</ref>

In early September 2005, Fiorina was named a director at Revolution Health Group, a venture formed by Steve Case.<ref>"Fiorina joins Case's company", CNN/Money, September 9, 2005.</ref> In October 2005, Fiorina joined the board of computer security company Cybertrust.<ref> (October 27, 2005). Carly Fiorina Joins Cybertrust Board of Directors. Press release.</ref> 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.<ref>Dan Nystedt. "Carly Fiorina joins board of chip maker TSMC", Network World, April 6, 2006. </ref>

[edit] Book tour

On 9 October 2006, 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 several appearances scheduled for Silicon Valley locations.<ref>On home turf, Fiorina feted October 20, 2006 </ref> 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.<ref>Fiorina, Carly. Interview with Charlie Rose. "The Charlie Rose Show." October 10, 2006.

</ref>

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.<ref>Alan Murray and George Anders. "Fiorina Says Her Next Role May Involve Politics", The Wall Street Journal, October 10, 2006.</ref>

[edit] 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."<ref>Joann S. Lublin and Rebecca Blumenstein. "In the Upscale Fiorina Family, She's the CEO and He's Home but she enjoys the simple life", Wall Street Journal, July 22, 1999.</ref>

Lives in Washington, DC and Los Altos Hills, California.

[edit] 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)