Carly Fiorina dismissed from HP board

The board claimed her position was under review for a period of months, yet had only made the final decision on Tuesday afternoon when it contacted Fiorina to seek her resignation. “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.”

“Carly Fiorina came to HP to revitalize and reinvigorate the company,” said Patricia Dunn, on behalf of the board. “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.”

Shares in the company have fallen 63 per cent since Fiorina's appointment, and immediately rose around 10 per cent following the resignation's announcement. Fiorina was the first woman to head a major US corporation when she was appointed chief executive in 1999, and gained notoriety with her decision to force through a merger with computer maker Compaq in the face of opposition from HP founders.

The HP board of directors will begin the search for a new CEO immediately, and has stated that it does not expect to be making any additional leadership changes at this time.