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: Sony forecasts $2B loss as smartphones lag (Update)

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

Alibaba's plan: Today, China. Tomorrow, the world.

3 minutes ago

Amazon and eBay should watch their backs. As Chinese e-commerce powerhouse Alibaba readies what could be the biggest initial public offering ever on the New York Stock Exchange, it is quietly hinting at plans ...

News Corp opposes Google in EU antitrust case

2 hours ago

The media conglomerate controlled by Rupert Murdoch is joining the fray in Google's protracted European antitrust case, saying the technology company unfairly distorts competition.

Apple iPhone lacks 'key' licence in China

4 hours ago

Apple's iPhone 6 still lacks a key network access licence in China, state media confirmed Thursday on the eve of its global launch, breaking official silence on why sales of the smartphone will be delayed.

Ericsson to stop making modems, shed hundreds of jobs

5 hours ago

Swedish telecom equipment company Ericsson said on Thursday that it would stop developing modems, a decision affecting almost 1,600 employees worldwide which is expected to lead to hundreds of job cuts.

User comments : 0