Well, we might as well close the loop on this one. Last month, we told you how former HP CEO Mark Hurd was ousted by HP, complimented by Larry Ellison, and then hired by Oracle. We also told you how the Oracle hiring prompted a lawsuit from Mr. Hurd’s former employer. Now, the New York Times is reporting that the two sides have reached an agreement on the embattled executive’s future. In exchange for dropping the lawsuit, Hurd will forfeit nearly half of the $28 million compensation package he was given by HP. The former HP chief, and now Oracle President, will give up 330,177 shares of performance-based restricted stock and 15,853 shares of time-base restricted stock (that’s about $13.34 million using today’s stock price). Oracle and HP, who do quite a bit of business together, did their best to reassure stock holders that the two companies are on the mend. “Oracle and HP will continue to build and expand a partnership that has already lasted for over 25 years,” said Oracle CEO Larry Ellison. “HP and Oracle have been important partners for more than 20 years and are committed to working together to provide exceptional products and service to our customers,” said Cathie Lesjak, the CFO and interim CEO of HP. So ends this chapter of the Mark Hurd Chronicles. More →
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 →
Well, it looks like board meetings over at Intel are going to be pretty awkward for a while. Following the Wall Street Journal’s scoop earlier today, Yahoo has officially announced that Carol Bartz has joined the company as CEO. In the same breath, Yahoo also revealed that current President Sue Decker has informed the company she will be resigning from her role after a transitional period. Decker, a candidate who had been considered for the open CEO spot as well, has been with Yahoo in a variety of capacities for the past 8-1/2 years. Decker will remain on as Bartz settles into her position, after which she will apparently head off to greener pastures – which shouldn’t be overly difficult at this point. As for Bartz, Yahoo’s press release included her first official statement as CEO:
Yahoo! is a powerful global brand with a great collection of assets, strong technology, and enormously talented employees. The Company has accomplished a great deal in its relatively short history and I look forward to working together to take it to the next level. There is no denying that Yahoo! has faced enormous challenges over the last year, but I believe there is now an extraordinary opportunity to create value for our shareholders and new possibilities for our customers, partners and employees. We will seize that opportunity.
Former CEO Jerry Yang will return to his previous role as Chief Yahoo.
After the whole controversy over the usage of the White Space spectrum had been given the thumbs up by the FCC, we thought that free, nationwide wireless Internet access was a given. Not so fast says the White House. The FCC was going to vote as early as next week on a plan to auction 25 megahertz of spectrum in the 2155MHz to 2180MHz band. According to the FCC’s plan, those who purchase a license to use this spectrum would be required to offer free wireless broadband service. The White House disagreed with the requirement that licensees had to offer free service and voiced its objection in a letter written by Commerce Secretary Carlos Gutierrez saying:
“The administration believes that the (airwaves) should be auctioned without price or product mandate. The history of FCC spectrum auctions has shown that the potential for problems increases in instances where licensing is overly prescriptive or designed around unproven business models.”
The FCC is reportedly reviewing the letter and has publicly stated that, though it does agree that “market forces should drive competition”, it also believes “providing free basic broadband to consumers is a good thing.” Perhaps the White House is considering how well the free market system is working in every other industry these days when making this assessment…
Sorry for straying from our regular content, but we felt compelled to remind readers that today is November 4. The official Bold launch is hardly the only interesting news – today also happens to be the day we will elect our 44th President. If you are registered to do so, please, do us and yourself a favor. Take a break at some point today, head down to the polls and vote. Obama/Biden, McCain/Palin, BG/Jibi, whatever. Just vote. This election will already go down in history for a variety of reasons and it will likely be the most important election of our lifetime. Do your part. If making history isn’t enough incentive, hit the jump and listen to our friends over at Cornell University. They want you to vote so badly, well, you’ll see.
On October 13, President Bush signed a highly controversial anti-piracy law. The dictator President has put into effect a law that will appoint an intellectual property czar (yeah folks, you heard it right) that will report directly to the President (again, you heard that right) on how to keep hax0rz from illegally obtaining copyrighted materials. The targets are primarily music, movies, and TV, but you can bet this will be leaking over to other stuff with copyrights. The bill was, of course, backed by none other than the RIAA and MPAA (our favorite institutions!). Say good-bye to the phrase “DRM Free” everyone. Apparently, counterfeiting and piracy costs the U.S. $250 billion annually… that’s a lotta billions for free tunes and movies. Any devices used in piracy may have to be forfeited to Big Brother, lest “firemen” come into your house and burn down your gadgets Fahrenheit 450 style.