Fiorina replaced the HP Way with servitude to Wall Street. I'd even argue its demise goes back to the Agilent spin-off; that's the original Bill & Dave business and they tossed it aside even when it was doing fine.
OTOH spinning off PCs might actually be a belated case of undoing Fiorina's biggest error, to the extreme. It may seem awful to the company now, but $40B in annual sales for a reported $1.3B in net profit is also holding the stock down.
