HP Remains Mum on CEO Search

Shareholders were about as disappointed in HP's unwillingness to elaborate on the search for a CEO to replace Carly Fiorina as they were about the recent performance of the company. According to SilconValley.com, Wednesday's meeting of company shareholders was prefaced with a statement saying no questions would be taken regarding the search for a new head to HP.

The board seemed to echo investor sentiment that HP is underachieving, although they expressed hope that the company could turn itself around. "It is difficult for a board to communicate everything it is thinking," Patricia Dunn, non-executive chairman of HP told shareholders. "While we are not satisfied with the company's performance, we believe deeply in the future of Hewlett-Packard."

Questions were raised over what shareholders thought was a gratuitous $21 million severance payment made to Fiorina before her exit, however the board seemed to brush the question aside.

"The board feels it is not in the best interest to have protracted negotiations with people when they leave the company," Dunn said.

The board did seem open to the possibility of spinning off the company's printer business as a way to raise some cash. Dunn said that there was a "wide range of opinion" on how to turn the company around. "The board is always considering decisions that will impact shareholder value," she added.

However, the entire day's meeting seemed to be summed up in the comment of one company employee. Clint Vose said he had seen too many people have their jobs cut.

"We have to stop the bleeding," he said.