PALO ALTO, Calif., Feb. 9 (UPI) -- Hewlett-Packard of Palo Alto, Calif., said Wednesday Carly Fiorina has stepped down as chairman and chief executive, effective immediately.
The company said Fiorina stepped down over strategic disagreements.
Hewlett-Packard stock surged more than 9 percent in value, or $1.82 a share, to $21.96 on the news as 34 million shares changed hands.
Robert P. Wayman, H-P's chief financial officer, has been named interim CEO and appointed to the board. Patricia C. Dunn, an H-P director since 1998, has been named non-executive chairman, also effective immediately, the company said.
"While I regret the board and I have differences about how to execute H-P's strategy, I respect their decision," said Fiorina.
The board will begin a search for a new chief executive officer immediately. Wayman will also retain his chief financial officer responsibilities.
The computer and printer maker said it doesn't expect to make any additional structural changes or executive leadership changes at this time. The company said Dunn and Wayman will host two conference calls later today to review the announcement.