Mark Hurd Settles HP Suit, Leaves Sex Scandal Behind Him
September 21, 2010 10:36 PM
comment(s) - last by
It's official -- Mark Hurd is bringing the party to Oracle Software, now that he's settled a lawsuit with his former employer HP.
(Source: AP Photo)
New exec profits handsomely and prepares for a new campaign with the world's third largest software company
Former Hewlett-Packard Corp. CEO Mark Hurd was
forced to resign
last month after he was accused of falsifying expense forms to conceal a forbidden relationship with a soft-core
porn-star actress turned HP-contractor
. Mr. Hurd paid off the woman to
settle out of court
sexual harassment claims she had filed against him.
Mr. Hurd received a rich severance package from HP --
$40 million to $50 million
-- depending on whose numbers you believe. And he needed that money because he was quickly
sued by HP
after accepting a position at close-friend Larry Ellison's company, Oracle Corp.
Now Mr. Hurd has settled that lawsuit, agreeing to give up 345,000 restricted HP shares, valued at an estimated $13.6M USD, which were part of his severance package. That could cut the severance package by as much as half, but it clears his way to work at Oracle without legal clouds floating overhead.
For HP, which was threatened by Oracle Corp. the settlement is somewhat good news as well. Oracle had threatened to terminate its business relationship with HP if the company continued to fight Mr. Hurd's employment. Such a move could potentially have cost HP hundreds of millions in business.
Mr. Hurd now settles into a posh new position at the world's third largest software company (behind only Microsoft -- number one -- and IBM -- number two). He will received $950,000 USD a year in direct compensation and will receive a performance-based bonus of up to $10M USD in additional compensation. Oracle is targeting a bonus of $5M USD as the expected figure, but if sales go well, Mr. Hurd may walk away with much more.
The new Oracle Co-President is regarded as a brilliant and exacting businessman. But he also knows how to have fun. He was president of the Phi Delta Theta fraternity at Baylor University. He recalls his frat days commenting, "[Those were] some of the best and most important [days] of my life."
, Mr. Hurd in his college days was known for delighting "in telling raucous, naughty, dishy yarns." Among close acquaintances he also reportedly is apt to "quote long passages from favorite movies.
From the frat-house to the house of Ellison, it's been a strange journey for Mr. Hurd, but he's landed remarkably well compared to some other high-profile sex scandal participants, such as Mark Phillips, the Oracle Co-President
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As the World Turns
9/22/2010 11:00:05 AM
This is better than General Hospital.
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