Wayman retiring as HP's CFO

Bob Wayman is retiring as executive vice president and chief financial officer (CFO) of Hewlett-Packard Co. (HP), capping a 37-year tenure at the company.

Wayman, 61, will step down at the end of the year to be replaced by Cathie Lesjak, 47, currently HP's treasurer and senior vice president.

Wayman began his HP career in 1969 as an accountant and worked his way through a number of finance positions until he was named CFO in 1984. He helped guide HP through its controversial acquisition of Compaq Computer Corp. in 2002 and served as interim chief executive officer (CEO) after the board fired CEO Carly Fiorina in February 2005. He served until Mark Hurd was hired as Fiorina's replacement in April of last year.

Wayman served in HP's board from 1993 to 2002 and again since February 2005. He will remain on the board until the shareholders meeting in 2007 but will not stand for re-election. "He has contributed greatly to HP's success and I am particularly grateful for the counsel and support he has provided me," said Hurd, in a prepared statement.

Lesjak has been with HP for 20 years and has been treasurer since 2003. As CFO she will be responsible for the company's financial operations including all business unit and corporate controllership, treasury and tax functions. Her successor as treasurer will be named at a later date.