HP files civil complaint against former CEO Hurd

By on September 7, 2010 at 7:00 PM.

HP files civil complaint against former CEO Hurd

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HP has filed a civil complaint against embattled CEO Mark Hurd, alleging that the former chief can not fully perform his newly assigned duties with employer Oracle without divulging HP’s trade secrets. Hurd received a severance package from HP which is estimated to be worth roughly $26 million. An excerpt from HP’s civil complaint reads as follows:

Despite being paid millions of dollars in cash, stock and stock options in exchange for Hurd’s agreements to protect HP’s trade secrets and confidential information during his employment and following his departure from his positions at HP as Chairman of the Board, Chief Executive Officer, and President, HP is informed and believes and thereon alleges that Hurd has put HP’s most valuable trade secrets and confidential information in peril.  Hurd accepted positions with Oracle Corporation (“Oracle”), a competitor of HP, yesterday as its President and as a member of its Board of Directors.  In his new positions, Hurd will be in a situation in which he cannot perform his duties for Oracle without necessarily using and disclosing HP’s trade secrets and confidential information to others.

HP released a statement saying: ““Mark Hurd agreed to and signed agreements designed to protect HP’s trade secrets and confidential information. HP intends to enforce those agreements.” More →

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Ousted HP CEO named co-president of Oracle

By on September 7, 2010 at 11:44 AM.

Ousted HP CEO named co-president of Oracle

Talk about landing on your feet. HP’s former CEO, Mark Hurd, was forced to resign after allegations of personal misconduct were made public by the company’s board. Hurd was sent packing with a mere $28 million in cash and stock for his efforts; efforts that lasted just over five years at HP. The forced resignation of Hurd was denounced as “cowardly” by Oracle CEO Larry Ellison, and now it looks like Ellison is putting his money where his mouth is. The AP is reporting that Hurd has been named co-president of Mr. Ellison’s company, Oracle. “Mark did a brilliant job at HP and I expect he’ll do even better at Oracle. There is no executive in the IT world with more relevant experience than Mark,” said Ellison. “Oracle’s future is engineering complete and integrated hardware and software systems for the enterprise.” Oracle is the top database reseller in the world and, with Hurd’s expertise, is looking to expand its business into different areas. More →

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Oracle CEO Larry Ellison calls HP CEO firing "cowardly"

By on August 11, 2010 at 1:01 AM.

Oracle CEO Larry Ellison calls HP CEO firing "cowardly"

Last Friday, HP CEO Mark Hurd resigned amidst sexual harassment allegations that his former employer chose to make public. Monday, in a letter to the New York Times, Oracle CEO Larry Ellison did not mince words about his thoughts on the forced resignation of Mr. Hurd. “The H.P. board just made the worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago. [...] In losing Mark Hurd, the H.P. board failed to act in the best interest of H.P.’s employees, shareholders, customers and partners. The H.P. board admits that it fully investigated the sexual harassment claims against Mark and found them to be utterly false.” Ellison went on to say, “publishing known false sexual harassment claims is not good corporate governance; it’s cowardly corporate political correctness.” Hurd, who had been with HP for five years, is set to receive a severance package of cash and stock worth an estimated $28 million. At least he won’t go away empty handed? More →

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