The Hurd Chronicles: HP and Oracle settle CEO suit

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.

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