NEW YORK (Standard&Poor's) Feb. 9, 2005--Hewlett-Packard Co. (A-/Stable/A-1) recently announced that Carleton S. Fiorina has stepped down as chairman and chief executive officer, effective immediately. Robert P. Wayman, Hewlett-Packard's chief financial officer, has been named chief executive officer on an interim basis, and appointed to the board of directors. Patricia C. Dunn, a director since 1998, has been named nonexecutive chairman of the board, also effective immediately. This move, as well as recent involvement in changes to senior management responsibilities, indicates an increasingly active governance posture by Hewlett-Packard's board. However, Standard&Poor's Ratings Services expects the board to maintain the right balance between oversight and management. The search for a new CEO is expected to focus on
