HP finance chief to exit after 37 years at firm

Computer and printer maker Hewlett-Packard Co. said Monday that Bob Wayman, the company’s longtime chief financial officer who briefly served as interim chief executive, plans to retire at the end of the year.

Wayman, 61, joined HP in 1969 as a cost accountant and became CFO in 1984. Industry experts praised Wayman as a steady leader who guided the company through periods of intense turmoil between the 2005 ouster of CEO Carly Fiorina and the hiring of Mark Hurd.

Wayman managed to stay in good standing with both warring factions in the bitter proxy fight over the $19-billion acquisition of Compaq Computer Corp. in 2002.

His 52-day stint as interim CEO from February to April 2005 earned him a $3-million cash bonus, according to regulatory filings, a payout the company defended for Wayman’s ability to smooth customer concerns during the CEO transition.

He was paid a base salary of $975,000 and more than $4.5 million in bonuses in all in 2005.

Wayman said he planned to retire after the Compaq deal, but decided that now was the appropriate time considering the company’s strong financial position and stake in the market.

During the fourth quarter, HP’s earnings quadrupled and the company surpassed $90 billion in annual revenue for the first time. It also claimed the No. 1 ranking in worldwide personal computer shipments from rival Dell Inc.

But while HP’s operations are going gangbusters, a boardroom spying scandal has tarnished an otherwise stellar run in recent quarters. Wayman’s name briefly surfaced in connection with the investigation, but he said the scandal was not core to HP’s operations and didn’t influence his decision.

Roger Kay of market research firm Endpoint Technologies Associates said the market could interpret Wayman’s departure as a positive sign that he believes enough in the company’s health to turn over the financial reins.

Wayman will be succeeded by Cathie Lesjak, the company’s treasurer and senior vice president. Lesjak, 47, joined the company 20 years ago. HP said her base salary would be $550,000 per year.

Wayman, who also is a director, will retain his seat on the board until the company’s annual meeting in March.

HP’s stock price rose 45 cents to $40.01.