Consumer Electronics
Mark Hurd Out At H-P Over Sexual Harassment (HPQ)
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Hewlett-Packard Co. (NYSE: HPQ) just made an announcement that many will be shocked about. Chairman and CEO Mark Hurd has decided to resign his positions from H-P effective immediately. The reason cited is after an investigation by outside legal counsel and the General Counsel’s Office after a claim of sexual harassment against Hurd and HP by a former contractor to H-P. H-P also raised its 2010 guidance. Guess which story is taking precedent? Hurd has been credited with the major turnaround of H-P.
The company said 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’s board of directors has already appointed 24-year veteran and 51-year old CFO Cathie Lesjak as CEO on an interim basis. Lesjak will retain her CFO responsibilities during the interim period.
Hurd was quoted as follows:
The guidance is as follows, with Thomson Reuters estimates after the guidance:
This is unfortunate to see for such a great career to end in such a dark cloud. Reports are coming out that Hurd had “expense-related issues” tied to a relationship with a contractor. Lesjak has already removed herself from taking the CEO role permanently. At a time that much of the market has died or been static, H-P shares have more than doubled under Hurd’s leadership.
JON C. OGG
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