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Shake Up

Hewlett-Packard CEO Mark Hurd Resigns

Embattled Hewlett-Packard CEO Mark Hurd is stepping down, according to the tech giant. The news comes on the heels of a sexual-harassment suit filed against him. While investigating the claim, H-P discovered that—while he didn't violate the company’s sexual harassment policy—Hurd "systematically" concealed $20,000 spent on the plaintiff over a two-year period, straying from its standards of business conduct. Hurd is set to receive a severance payment of $12.2 million, according to a regulatory filing; along with options and benefits, the package could be worth more than $35 million. A source close to the situation said Hurd was completely blindsided by the allegations, though he did admit to becoming her “social acquaintance,” dining with her at events. Succeeding Carly Fiorina as CEO in 2005, Hurd is widely credited with revitalizing the company, helping it leapfrog Dell Inc. as the world’s biggest PC manufacturer. H-P has named Chief Financial Officer Cathie Lesjack as its interim CEO.

August 6, 2010 12:54 PM