HP to investigate Mark Hurd's departure, severance

Jan 20, 2011

(AP) -- Hewlett-Packard Co. is looking to investigate the circumstances of former CEO Mark Hurd's departure, including the large severance package he received.

Hewlett-Packard said in a Jan. 14 filing in a federal court in San Jose, Calif., that the investigation is in response to a shareholder's demand that the company look into Hurd's departure, as well as the board's decision to approve his generous severance package.

HP said the investigation will be conducted by board members who joined HP's board after Hurd left, which includes current CEO Leo Apotheker, and by outside lawyers.

Hurd was forced out last year over allegations of and inaccurate expense reports. He received a $12.2 million cash payout and has filed papers to sell some $30 million worth of stock that he got by exercising options that were part of his severance. He agreed to give back $14 million in restricted stock to HP to squash a courtroom battle over whether he should be allowed to work at HP rival Oracle. Hurd is now co-president at .

Shareholders are suing HP on claims that Hurd's severance package constituted "corporate waste."

A spokesman for Hurd declined to comment.

Hurd's resignation is also the subject of a investigation.

Shares of HP, which is based in Palo Alto, Calif., slid 27 cents to $46.05 in midday trading.

Explore further: German chip-maker Infineon sees growth after solid Q4

not rated yet
add to favorites email to friend print save as pdf

Related Stories

SEC investigating Hurd's ouster as HP's CEO

Dec 21, 2010

(AP) -- Mark Hurd is facing more fallout from his ouster five months ago as CEO of Hewlett-Packard Co., the world's biggest personal computer and printer maker.

Accuser in HP case claimed work was cut

Aug 18, 2010

(AP) -- The woman whose sexual harassment allegations led to the ouster of former Hewlett-Packard Co. CEO Mark Hurd claimed her work with the company dried up because she rebuffed Hurd's advances, a person close to the investigation ...

Hurd accuser claimed inside info

Nov 06, 2010

(AP) -- A person familiar with the ouster of Hewlett-Packard Co.'s former CEO Mark Hurd tells The Associated Press that the woman who accused Hurd of sexual harassment also claimed that he told her about ...

Oracle plans to give Hurd $950,000 annual salary

Sep 08, 2010

(AP) -- Oracle Corp. plans to pay newly appointed co-President Mark Hurd a base salary of $950,000 annually and said the ousted Hewlett-Packard Co. CEO is eligible for a target bonus of $5 million in the ...

HP's interim chief says Oracle alliance 'strained'

Sep 08, 2010

(AP) -- Hewlett-Packard Co.'s quarter-century alliance with Oracle Corp. has been "strained" by the dispute over Oracle's hiring of ousted HP CEO Mark Hurd, HP's interim chief said Wednesday.

Recommended for you

Toyota finds new air bag issue, recalls more cars

1 hour ago

Toyota Motor Corp. recalled more than 40,000 vehicles in Japan on Thursday as part of a worldwide scare over defective air bags and is investigating a new type of air bag problem that could lead to further recalls.

Netflix sues Yahoo CIO for alleged kickbacks

15 hours ago

Netflix is suing a former company vice president who is now chief information officer at Yahoo, accusing him of receiving money from vendors he hired to work with the video streaming company.

BlackBerry courts iPhone users with cash

Nov 25, 2014

Canadian smartphone maker BlackBerry is wooing Apple customers with a cash offer for trade-ins of iPhones for its new square-screened, keyboard-equipped Passport.

HP earnings show continued struggle

Nov 25, 2014

Venerable tech giant Hewlett-Packard has been struggling for three years to turn its business around. Its latest earnings show it still has more work ahead.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.