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.”