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HP Chairman and CEO Carly Fiorina Steps Down

Robert P. Wayman named Interim CEO; Patricia C. Dunn named Non-Executive Chairman of the Board
PALO ALTO, Calif., Feb. 9, 2005

The board of directors of Hewlett-Packard Company today announced that Carleton S. Fiorina has stepped down as chairman and chief executive officer, effective immediately. Robert P. Wayman, HP's chief financial officer, has been named chief executive officer on an interim basis and appointed to the board of directors. Patricia C. Dunn, an HP director since 1998, has been named non-executive chairman of the board, also effective immediately.

"Carly Fiorina came to HP to revitalize and reinvigorate the company. She had a strategic vision and put in place a plan that has given HP the capabilities to compete and win. We thank Carly for her significant leadership over the past six years as we look forward to accelerating execution of the company's strategy," said Dunn, on behalf of the board.

"While I regret the board and I have differences about how to execute HP's strategy, I respect their decision," said Fiorina. "HP is a great company and I wish all the people of HP much success in the future."

The board will begin a search for a new CEO immediately. Wayman, a 36-year veteran of the company, will also retain his CFO responsibilities. The company does not expect to make any additional structural changes or executive leadership changes at this time.

The company plans to report its first quarter financial results on Feb. 16, 2005, after market close. The company expects results to be in line with consensus analyst expectations, after adjusting for the effects of the previously announced Intergraph settlement.

The company's annual shareowner meeting will be held in Chicago on March 16, 2005.

Dunn and Wayman will host two conference calls today to review this morning's announcement. It is recommended that attendees dial in 15 minutes early to avoid registration delays.

A call targeted at financial analysts (including a question and answer session) is scheduled for 9 a.m. EST (6 a.m. PST). For U.S./Canada callers, the dial-in number is +1 800 706 7745. For international callers, the dial-in number is +1 617 614 3472. The participant password is 93115577.

Members of the media may join this call in listen-only mode and on a separate dial-in number. For U.S./Canada callers, the dial-in number is +1 800 901 5217. For international callers, the dial-in number is +1 617 786 2964. The participant password is 74075153.

A call targeted at the media (including Q&A) is scheduled for 10 a.m. EST (7 a.m. PST). For U.S./Canada callers, the dial-in number is +1 800 798 2884. For international callers, the dial-in number is +1 617 614 6207. The participant password is 27958623.

Replays will be available from Feb. 9 from 10 a.m. PST to March 2 as follows:

Financial analyst replay phone numbers:
U.S./Canada: +1 888 286 8010
International: +1 617 801 6888
Password: 84441042
Media replay phone numbers:
U.S./Canada: +1 888 286 8010
International: +1 617 801 6888
Password: 12302133

About HP

HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended Oct. 31, 2004, HP revenue totaled $79.9 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.


This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties materialize or the assumptions prove incorrect, the results of HP and its consolidated subsidiaries may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any statements about expected financial results; any statements of the plans, strategies, and objectives of management for future operations; any statements regarding future economic conditions or performance; any statements regarding management and organizational structure; any statements of expectation or belief; and any statement of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the development, performance and market acceptance of products and services; macroeconomic and geopolitical trends and events; adjustments to results in connection with the quarter close; disruptions in relationships with customers, suppliers and partners resulting from management transition; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to HP's Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2004 and other documents filed after the Form 10-K. HP assumes no obligation and does not intend to update these forward-looking statements.

About HP

HP Inc. creates technology that makes life better for everyone, everywhere. Through our portfolio of printers, PCs, mobile devices, solutions, and services, we engineer experiences that amaze. More information about HP Inc. is available at http://www.hp.com.