HP CEO resigns, stock tanks

August 9, 2010 | 10:20

Tags: #golden-parachute #hurd #mark-hurd

Companies: #hewlett-packard #hp

It's all change at Hewlett Packard following the surprise resignation of chief executive Mark Hurd amid accusations of sexual harassment.

Announced in an unexpected press release, Hurd's resignation was not directly due to the sexual harassment allegations, but rather - according to Engadget is a result of "inaccurate expense reports" discovered as a result of investigations into the claims.

The news certainly came as an unexpected - and unwelcome - blow for investors, with Business Insider reporting that shares in the company plummeted 10 percent as a result of Hurd's resignation in after-hours trading that day.

Since then, Hurd's accuser - Jodie Fisher, an actress most famous for starring in a selection of soft-core 'adult' titles and, at the time of the alleged impropriety, a contractor for HP's marketing division - has issued a press release stating that she was "surprised and saddened that Mark Hurd lost his job over [the allegations.] That was never my intention. Mark and I never had an affair or intimate sexual relationship."

There's a silver lining to Hurd's cloud, however: the Wall Street Journal reports that he has reached a settlement with Fisher which will see the possibility of a private lawsuit dismissed, and don't think Hurd himself is coming out with nothing - Gizmodo is reporting that the ex-CEO will get around $40 million (£25 million) in a golden parachute on his way out.

Are you shocked to find HP's glorious leader falling on his sword in this way, or just confused as to why a man on his salary felt the need to fiddle a few expense claims? Do you think there's more to Hurd's departure than HP is letting on? Share your thoughts over in the forums.
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