Michael G. Buffa is president and until now has been the main operating executive.

"H.P. is a strong company with a deep bench of experienced operating executives who have managed the business well during this period."

"Michael and Bob make sure their operating executives have no real power."

Among Mr. Bewkes's concerns, he said, was that the company needed a strong operating executive to make the strategy work.

But if all the senior operating executives left, clearly that would be critical to the company.

David Morgenthaler founded the firm in 1968 after a career as an operating executive.

The separation between operations and finance goes right up to the board: Not a single operating executive is a director.

Companies here disclose only an aggregate sum paid to the management board, which consists of the chief executive and the top operating executives.

Levin has described her as his "strategic partner from the first day" of his presidency and the "best operating executive" he's ever seen.

The other is a management board, composed of the top operating executives.