HP CFO To Retire

Wayman, 61, will be succeeded by Cathie Lesjak, HP's treasurer and senior VP. Wayman, a member of the board of directors, will retain his board seat until the company's 2007 annual stockholders' meeting in March, but will not stand for re-election, according to a release from HP.

"Bob Wayman is one of the most distinguished CFOs in America, and he will leave behind an outstanding record as a corporate leader, as a finance executive, and as a mentor to countless people with whom he has worked during his 37 years at HP," said Mark Hurd, HP chairman and chief executive officer. "He has contributed greatly to HP's success, and I am particularly grateful for the counsel and support he has provided to me."

The news comes just days after HP announced that Dick Lampman, the director of the company's labs and a senior VP, is retiring after 35 years with the company. Lampman, 61, joined HP in 1971 and was named director of HP's research group in 1999.

The man who took over as CFO in 1984 joined HP in 1969 as a cost accountant. He held a variety of positions before heading up the company's financial team.

Lesjak, 47, has held her current position as treasurer since 2003. She is responsible for managing the company's worldwide cash, debt, foreign exchange, capital structure, risk management, and benefit-plan administration. Since joining HP 20 years ago, she has worked in a range of finance, controllership, and risk-management roles, including ones with an operational focus at the corporate and business group levels.

As executive VP and CFO, Lesjak will be responsible for the company's financial operations, including all business unit and corporate controllership, treasury, and tax functions, HP reported. Her successor as treasurer will be announced at a later date.