Mark Hurd went into today as the CEO of HP. He exited the day looking for another job. According to the HP press release, Hurd is leaving because of a sexual harassment claim against Hurd and HP by a former contractor. Here’s where things get interesting. According to Engadet, there appears to be no violation of HP’s sexual harassment policy. However Hurd violated the company’s standards of business conduct by submitting inaccurate expense reports. Those expense reports apparently covered up his “relationship” with the contractor in question. Read into that what you will.
At the same time, HP released preliminary third quarter results that didn’t suck, but didn’t set the world on fire either. That combined with the negative news about hurd sent HP stock down at the start of after hours trading. However, it is up by about 2% as I type this at 10PM EST.
In any case, HP is in the market for a new CEO. But don’t feel sorry for Mark Hurd. CNBC had this to say:
Hurd will be well compensated as he departs HP. An SEC filing examined by CNBC indicated that Hurd is contractually entitled to $52.9 million in the event of a resignation.
The filing, dated 2009, says that total is composed of $11.6 million in cash, with the remainder in stock options and restricted stock.
A source close to Hurd put his current severance at about $40 million.
That’s one hell of a golden parachute.
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This entry was posted on August 6, 2010 at 9:06 pm and is filed under Commentary with tags HP. You can follow any responses to this entry through the RSS 2.0 feed
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HP CEO Forced To Quit Over Sexual Harassment Investigation
Mark Hurd went into today as the CEO of HP. He exited the day looking for another job. According to the HP press release, Hurd is leaving because of a sexual harassment claim against Hurd and HP by a former contractor. Here’s where things get interesting. According to Engadet, there appears to be no violation of HP’s sexual harassment policy. However Hurd violated the company’s standards of business conduct by submitting inaccurate expense reports. Those expense reports apparently covered up his “relationship” with the contractor in question. Read into that what you will.
At the same time, HP released preliminary third quarter results that didn’t suck, but didn’t set the world on fire either. That combined with the negative news about hurd sent HP stock down at the start of after hours trading. However, it is up by about 2% as I type this at 10PM EST.
In any case, HP is in the market for a new CEO. But don’t feel sorry for Mark Hurd. CNBC had this to say:
Hurd will be well compensated as he departs HP. An SEC filing examined by CNBC indicated that Hurd is contractually entitled to $52.9 million in the event of a resignation.
The filing, dated 2009, says that total is composed of $11.6 million in cash, with the remainder in stock options and restricted stock.
A source close to Hurd put his current severance at about $40 million.
That’s one hell of a golden parachute.
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This entry was posted on August 6, 2010 at 9:06 pm and is filed under Commentary with tags HP. You can follow any responses to this entry through the RSS 2.0 feed You can leave a response, or trackback from your own site.