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Former HP CEO Mark Hurd  (Source: Getty Images)
Mark Hurd appears to have been a bit too generous with HP's cash for personal use

When politicians have bad news to dish out regarding a scandal or some sort of investigation, they tend to wait until Friday to announce the news -- if the media doesn't catch wind of it sooner -- hoping that it will get lost in the media wasteland known as the weekend. Today, there's some troubling news coming out of Hewlett Packard front that involves [former] CEO Mark Hurd.

The company announced today that Hurd tendered his resignation as a result of an investigation regarding claims of sexual harassment from a former female HP marketing contractor. Although the investigation found no evidence of sexual harassment, there was enough dirt found to show that Hurd violated HP's Standards of Business Conduct.

According to Engadget, Hurd "submitted inaccurate expense reports to conceal his relationship with the contractor, and that violated HP's standards of business conduct." Further statements from HP show that the contractor in question provided services for HP between 2007 and 2009.

In the mean time, current HP CFO Cathie Lesjak, 51, will take on the role as interim CEO. She has stated, however, that she is not prepared to take on the role of CEO full-time, but will stay on as the search for a new CEO gets underway.

For his part in this whole matter, Mark Hurd had this to say:

As the investigation progressed, I realized there were instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP and which have guided me throughout my career. After a number of discussions with members of the board, I will move aside and the board will search for new leadership. This is a painful decision for me to make after five years at HP, but I believe it would be difficult for me to continue as an effective leader at HP and I believe this is the only decision the board and I could make at this time. I want to stress that this in no way reflects on the operating performance or financial integrity of HP.

Hurd concluded by stating, “HP has an extremely talented executive team supported by a dedicated and customer focused work force. I expect that the company will continue to be successful in the future.”

The news of Hurd's departure sent HP's stock down nearly 10 percent in after hours trading. Also, according to Silicon Alley Insider, Hurd will receive a $40 to $50 million severance package.

 



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Have you Hurd?
By Tegrat on 8/6/2010 6:52:30 PM , Rating: 4
I'm sorry, I couldn't resist.




RE: Have you Hurd?
By Brandon Hill (blog) on 8/6/2010 6:59:03 PM , Rating: 5
RE: Have you Hurd?
By YashBudini on 8/6/2010 11:03:17 PM , Rating: 3
I miss the good old days when the bird was just a finger.


RE: Have you Hurd?
By Tegrat on 8/7/2010 2:13:40 AM , Rating: 2
TY. That totally made my day!


Men or women...
By HostileEffect on 8/6/2010 5:46:45 PM , Rating: 1
An Indonesian man told me many times that women will ruin your life.

The DT article doesn't mention if this was a man or a woman though.




RE: Men or women...
By DigitalFreak on 8/6/2010 6:06:53 PM , Rating: 2
Uh... It says female. RTFA


RE: Men or women...
By YashBudini on 8/6/2010 11:05:30 PM , Rating: 3
quote:
An Indonesian man told me many times that women will ruin your life.

Apparently your friend doesn't have a financial advisor.


Nice thumbnail =)
By cparka23 on 8/6/2010 11:01:55 PM , Rating: 2
"I was attacked by some idiot in HP"

"So dumb, so dumb, so dumb, SO!"




RE: Nice thumbnail =)
By Kibbles on 8/6/2010 11:48:35 PM , Rating: 2
erbody up'n here get'n raped


RE: Nice thumbnail =)
By thekdub on 8/7/2010 5:08:14 AM , Rating: 2
Hope he grabbed his t-shirt before he left.


????
By Zingam on 8/7/2010 8:16:21 AM , Rating: 1
It appears to me that it is a crime in the USA to be a man?




RE: ????
By Kurz on 8/7/2010 9:04:37 AM , Rating: 2
There wasn't a problem with him being a man...
The problem is he used company funds to be a man.


RE: ????
By Aenslead on 8/8/2010 3:18:30 AM , Rating: 3
In the US, even being intelligent is considered a crime.

Sad but true.


He was good for the company
By Dorkyman on 8/6/2010 5:57:45 PM , Rating: 3
Too bad.

We had a lot of HP stock back in the days of Carly, it dropped as low as $15 just before Hurd entered the picture. We sold at $42 when we saw Obama the likely winner in 2008.

I would assume Hurd's departure will clobber HP stock; time will tell.




They never learn
By mosu on 8/6/2010 6:19:30 PM , Rating: 2
Remember Carly Fiorino and the BS times when I avoided HP products, with an Apple-style of low quality wrapped in luxurious appearance of stylish product.I remember HP dethroned from no1 in optoelectronics, loosing big on printers and so on, changing from technological to commercial and when they got on the right track they shoot themselves in the foot...again




Cost
By Uncle on 8/6/2010 6:22:03 PM , Rating: 2
"I want to stress that this in no way(means I admit to any wrong doing).
Sexual Harassment will cost a CEO his job, but not having to pay 100 million to the DOJ. I wonder how much money is equal to Sexual Harassment to get a Ceo fired.




By ListeningandLearning on 8/6/2010 6:31:44 PM , Rating: 2
It seems to me that most of the time people get caught when they engage in risky activity like this. He was turning HP around somewhat, and then pulls this? Must have either gotten really careless or not really cared about maintaing his job.




the picture in the article...
By Quadrillity on 8/7/2010 1:33:34 PM , Rating: 2
should have been sexual harassment panda.




Not Guilty
By Hyraxxx on 8/8/2010 7:01:55 PM , Rating: 2
He doesn't have to be guilty to resign. He is most likely resigning to assist the company and help the shareholders.




By AllYourBaseAreBelong2Us on 8/9/2010 9:28:43 AM , Rating: 2
From a Thomson Reuters article:

"The woman, Jodie Fisher, revealed her identity for the first time through a statement released by her attorney, Gloria Allred.

"I was surprised and saddened that Mark Hurd lost his job over this," she said. "That was never my intention."

Fisher is former salesperson and has appeared in movies and TV shows, most recently the show "Age of Love" on NBC.
"

I bet she is going to get a reality show now.




Was This Left Out?
By FredEx on 8/7/2010 5:55:37 AM , Rating: 1
quote:
Further statements from HP show that the contractor in question provided services for HP between 2007 and 2009.


...and services for Hurd as well.




yo
By Howard on 8/7/10, Rating: 0
I would like to take this opportunity to say...
By Motoman on 8/6/10, Rating: -1
By n00bxqb on 8/6/2010 6:01:12 PM , Rating: 4
He resigns over allegations of sexual harassment and misconduct, but still gets $40-$50 million ?

BS


By Motoman on 8/6/2010 6:14:18 PM , Rating: 5
quote:
Overall, this was handled properly, IMO.


If it was handled properly, she wouldn't have complained! OH!

...sorry. Apparently I'm channeling the Diceman today.


By CarbonJoe on 8/6/2010 10:48:29 PM , Rating: 2
He sure looks like he's bragging about the size of his manhood in the picture above!

Or maybe just bragging about the size of his wad? I would think $50 million would be bigger than that.


By Mitch101 on 8/7/2010 11:01:00 AM , Rating: 2
LOL.

For once instead of denying it I wish someone would just come out and say look at her. Wouldnt you try and tap that! Oh many would I hit that good.


By SublimeSimplicity on 8/7/2010 10:19:39 AM , Rating: 5
He needs to follow Tom Brady's simple rules to avoiding sexual harassment lawsuits:

1) Be Handsome..

2) Be Attractive..

3) Don't Be Unattractive.

http://www.youtube.com/watch?v=gBVuAGFcGKY


By sprockkets on 8/7/2010 6:25:09 PM , Rating: 2
quote:
I would think the money was a settlement to avoid negative pr and an unproductive HP as the result of a full blown investigation. In the end, everyone won...HP avoided bad publicity, CEO gets payout, and the accuser gets the harrassment to stop.


Yes, he was found not guilty of sexual harassment, but violated HP's standard of conduct in other places. But no, let's not fire him for that, let's pay him 50 million to leave.

I don't know about you, but if HP thinks it's cheaper to give someone 50 million instead of facing a lawsuit for wrongful termination, that's just sad.

I mean, if you chose to leave to avoid investigation or being fired, why should you get 50 million? Hell, I'd love to leave my job for that.


By rmclean816 on 8/7/2010 2:24:02 AM , Rating: 2
I'm glad that I'm not the only one that things reclaimer is a troll.


By Reclaimer77 on 8/7/2010 1:29:35 PM , Rating: 1
quote:
I'm glad that I'm not the only one that things reclaimer is a troll.


Yash defines what it is to be a troll. Look even in this thread he makes a snide comment about me, when I haven't even posted in it. Basically talking behind my back about me in a negative way.

He often makes drive-by comments that aren't about the topic, but rather my beliefs and those of others. He always makes EVERYTHING a personal attack. Basically 9 out of every 10 of his posts is an ad hominem attack, and in his troll mind that's enough to win an argument. Person A makes statement, person B attacks person A, so therefor person A's statement is automatically false. Now sure, I'll attack someone sometimes, but I at least counter them on their statements and show my reasoning WHY and back it up.

I mean honestly, if you think I'm a troll and not Yash, then I don't think you can be relied on to judge others. Just because you don't agree with me, or even like me, doesn't mean I'm trolling. I'm not Yash, I don't bring down every topic to the level of a middle school argument.


By YashBudini on 8/7/2010 8:43:11 PM , Rating: 1
Ah if only we could count the number of people who have told you off and have told me off. I don't stand a change against the master.

And what ever happened to the 76 prior reclaimers?


By YashBudini on 8/7/2010 8:39:56 PM , Rating: 1
Apparently every species has it's own little yippy dog, and no matter how much ignored, just keeps right yipping.


RE: I would like to take this opportunity to say...
By SPOOFE on 8/7/2010 12:23:46 PM , Rating: 2
quote:
No doubt Reclaimer77 will spin this as one of those positive aspects of capitalism.

Perhaps he will, but just for the record I wanted to state that I think it's a preferable negative trait compared to certain other aspects of certain other economic systems: http://en.wikipedia.org/wiki/Great_Purge#Number_of...


By Reclaimer77 on 8/7/2010 1:43:01 PM , Rating: 2
I really don't see what a guy getting busted for harassment and then receiving a severance package has to do with Capitalism or any form of government or economic system. It's just another stupid Yash ad hominem statement to try and troll someone. It doesn't even make sense.

So if the government instead took that money from him or barred them (a private company) from giving it, would we then spin it as a positive aspect of Liberalism? Huh?

Yash never seems to be against government spending or waste of any kind for anything. But let HP, a private company, give a resigning CEO some money, and it's time to attack Capitalism with stupid nonsensical silliness.

He just makes no sense. Never has, never will.


By YashBudini on 8/8/2010 12:15:45 AM , Rating: 1
quote:
But let HP, a private company, give a resigning CEO some money


Some?


By Reclaimer77 on 8/8/2010 3:18:39 AM , Rating: 2
Is it your business what or why they paid him? Do you own stock in HP? Was it taxpayer money being given away?

Again, can you explain to me how you are personally being effected to the point that you go on and on about it?

Yes Yash, life isn't fair. There are people making more money than you who probably don't "deserve" it. I'm sorry.


By Reclaimer77 on 8/8/2010 6:18:29 PM , Rating: 2
quote:
And if you think this guy deserved what he got


Hmmm I don't remember ever saying that. I do however don't believe it's my business or that it has anything to do with me. It's HP's money to spend as they see fit. You seem to feel there's some great evil going on here that needs to be atoned for. Great, go have fun with that. I don't care.

quote:
What makes you think that HP stock owners got to vote on the bonus? And do you really believe they wanted it?


What makes you think I think that? Honestly, is there a point to all this misplaced hostility and passive aggressive bullcrap Yash?

Once again, before I even posted in this thread you made a disparaging comment about me and how I'm in support of something I never even discussed. You apparently have already decided where I stand on this based on whatever criteria your childish mind put in place. So hey, why bother talking to me? Have fun with the witch hunt!

Some company gave some guy money for some reason. It doesn't bother me, it doesn't effect me, and neither does it effect you. I don't know how much clearly I can state that I don't care anymore than I just did. I DON'T CARE.


By sbtech on 8/9/2010 4:15:38 AM , Rating: 1
Yes I agree with you, plus there are numerous articles from reputed sources regarding why punishing on severance pay isn't particularly a good thing. But..

You need to understand that when someone gets paid more than you, it is irritating. When someone gets 10 times more pay, its 10 times more irritating.

Least we could do is bitch about that in dailytech.


RE: I would like to take this opportunity to say...
By Uncle on 8/8/2010 2:54:34 PM , Rating: 2
Yup, one law for the fired Corporatist with a reward and no admittance to any wrong doing with a challenging new job awaiting him or her and one law for the ordinary worker who will get charged and fined with a criminal record.


By YashBudini on 8/8/2010 5:52:26 PM , Rating: 1
"Nowadays, security guys break the Mac every single day. Every single day, they come out with a total exploit, your machine can be taken over totally. I dare anybody to do that once a month on the Windows machine." -- Bill Gates











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