HP CEO Mark Hurd resigns under Circumstances involving false Expense reports and a Woman

Aug 7 2010, 7:00am CDT | by Luigi Lugmayr

HP shareholders got a not so nice end of the week surprise. The HP stock fell close to 10% because of the surprise resignation of CEO Mark Hurd.
According to the official HP statement, Hurd resigned because of an investigation into a claim of sexual harassment against Hurd and HP by a former contractor to HP.
HP said further that the investigation determined there was no violation of HP's sexual harassment policy, but did find violations of HP's Standards of Business Conduct.
HP shareholders got a not so nice end of the week surprise. The HP stock fell close to 10% because of the surprise resignation of CEO Mark Hurd.
According to the official HP statement, Hurd resigned because of an investigation into a claim of sexual harassment against Hurd and HP by a former contractor to HP.
HP said further that the investigation determined there was no violation of HP's sexual harassment policy, but did find violations of HP's Standards of Business Conduct.

The New York Times has some more specifics that bring it down to Hurd having fudged his expense reports to conceal a relationship to a woman. The unidentified woman has brought forward the sexual harassment charges which lead to the false expense reports.
The whole story sounds somehow too simple. I bet there is more to it that we do not know. Why is the mysterious woman pressing charges that are according to HP unfounded? Why is a top tier CEO not using his personal black AMEX to make payments nobody should know about?
In any case the whole story is embarrassing for HP and Mark Hurd. Adding to the mystery is the apparently generous severance package Mr. Hurd is leaving HP. CNBC reports that his severance package is $40 million according to a source close ot Hurd.

HP will now look for a new CEO. A Search Committee of the Board of Directors has been created, consisting of Marc L. Andreessen, Lawrence T. Babbio, Jr., John H. Hammergren, and Joel Z. Hyatt.
HP was doing well lately and the Palm acquisition introduced some new fantasy into HP.

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Luigi Lugmayr
Luigi is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.