Why Carly's Out

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To be fair, HP's board--including those, like new chairwoman Dunn, who forced Fiorina out--strongly supported the Compaq acquisition and still say publicly that, strategically, it was the right move. Even without that deal, HP's business would face significant challenges. The first job of Fiorina's successor may be to decide whether the firm will sell or spin off the printer division, as some Wall Street analysts have recommended. In any case, HP's now activist board is sure to pick someone focused on operations rather than another glamour boy or girl. "Bringing in the celebrity is out of favor," says Charles Elson, a lawyer and director of the John L. Weinberg Center for Corporate Governance at the University of Delaware. And while Fiorina is being pilloried for things board members once found so attractive, the blame isn't hers alone. They stood by as her visionary plans fizzled. "That's the big question," says Elson. "Where were they three years ago?" --With reporting by Chris Taylor/Palo Alto, Laura A. Locke/San Francisco, Daren Fonda and Jyoti Thottam/New York