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HP CEO resigns, stock tanks

HP CEO resigns, stock tanks

Mark Hurd was accused of sexual harassment by actress Jodie Fisher, a contractor for HP's marketing division.

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.

22 Comments

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Phalanx 9th August 2010, 11:25 Quote
With someone of his salary, why would he need to do stupid things like that, and also this stupid sexual harassment case. Christ, if he's that desperate for a model girlfriend, his money would get him one in less time than it takes to even CONSIDER the word harassment.
bestseany 9th August 2010, 11:28 Quote
"soft core 'adult' titles" ? :D
liratheal 9th August 2010, 11:45 Quote
Sounds like he was given a choice;

"resign and get a nice package, or don't and get kicked."
dyzophoria 9th August 2010, 12:27 Quote
maybe he left to save the face of the company, even if said allegations are false.
javaman 9th August 2010, 13:22 Quote
Bet its cause of HP's random buying spree of late and their CEO's inability to actually use the assets itsobtained.
StoneyMahoney 9th August 2010, 14:05 Quote
Pig caught with snout in trough! Breaking News!
Xir 9th August 2010, 14:36 Quote
The guy causes a loss of face AND a 10% drop in stocks and gets 40 million$ for it.
Bravo.
Who hires guys with a contract that says "if you leave of your own free will, we'll pay you for it!"?
Dear HP, I feel I'm capable of dropping your stock severely (simply hiring an unknown person as CEO should do this) and will only take 10% of your last CEO's golden handshake upon leaving.
Dreaming 9th August 2010, 14:52 Quote
Quote:
Originally Posted by Xir
The guy causes a loss of face AND a 10% drop in stocks and gets 40 million$ for it.
Bravo.
Who hires guys with a contract that says "if you leave of your own free will, we'll pay you for it!"?
Dear HP, I feel I'm capable of dropping your stock severely (simply hiring an unknown person as CEO should do this) and will only take 10% of your last CEO's golden handshake upon leaving.

It might have been written into his contract that for the years he serves he would get a 1% bonus of increases in NPV during that time or something (I'm speculating). But it's not unreasonable to have that kind of clause in a contract, so when you leave it's not unreasonable to expect to get it!
LeMaltor 9th August 2010, 15:03 Quote
She's hot.
pimlicosound 9th August 2010, 16:10 Quote
Quote:
Originally Posted by LeMaltor
She's hot.

Someone had to say it.
crazyceo 9th August 2010, 17:13 Quote
and since she was in "softcore porn" you know you'll be in like flint as well!

on another note, this is becoming a trend these high profile firings. The guy who was incharge of the new iPhone has just been sacked as well! I wonder why?
Blarte 9th August 2010, 17:44 Quote
If she was a nun … and he was inappropriate …ok sexual harassment
Soft Core Porn Actress… Money grabbing, headline attracting meat bag.

Ambulance chasing lawyers acting on behalf of … .. leeches
Fizzban 9th August 2010, 18:05 Quote
Who cares? He is gonna get 25 million. I'd never do a 9-5 job again if I got that much. Hell I'd probably never work again period.
B1GBUD 9th August 2010, 19:03 Quote
Wait.... he fell on his sword? surely she did?
supermonkey 9th August 2010, 19:36 Quote
Quote:
Originally Posted by Ph4lanx
With someone of his salary, why would he need to do stupid things like that, and also this stupid sexual harassment case. Christ, if he's that desperate for a model girlfriend, his money would get him one in less time than it takes to even CONSIDER the word harassment.
It's very typical for people in power; remember that they have aspired to, and reached, their positions for a very good reason. One common thread that you find woven in these cases is a sense of entitlement when someone reaches achieves that level.
bobwya 9th August 2010, 21:33 Quote
Maybe the guy is innocent and just models his professional conduct on "Mad Men"... At least he can pull, I can't believe Steve B. gets many shags...
Ljs 9th August 2010, 21:37 Quote
Quote:
Originally Posted by StoneyMahoney
Pig caught with snout in trough! Breaking News!

Quite!
crazyceo 9th August 2010, 22:48 Quote
Quote:
Originally Posted by B1GBUD
Wait.... he fell on his sword? surely she did?

Hubba, Hubba!
thehippoz 9th August 2010, 23:18 Quote
I don't get these guys.. they end up in bathrooms putting their foot under stalls- or like spitzer spending 4k think it was on a high priced hooker

this guy was so caught up in it all he harassed a co worker probably against his better judgement.. laundering money on top of it (allegedly).. imagine what huang is doing- I bet he swings from a rope into his harem :o
frontline 9th August 2010, 23:29 Quote
Maybe that HP 'hard-core' ad he wanted to shoot was a step too far...
crazyceo 10th August 2010, 01:25 Quote
Yeah, he was quoted as saying "I've got a great idea for our new product line ad campaign, LAPTOP DANCERS!"

I'll get my coat..........
Xir 10th August 2010, 12:11 Quote
Quote:
Originally Posted by crazyceo

I'll get my coat..........

Wait, I'm coming with you....to the laptop dancers :D
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