HP CEO to go the way of the Edsel

What will happen next? Hewlett Packard Chief Executive was sent packing Friday after the surfacing of allegations by a corporate event host of sexual harassment.

Mark Hurd, 53, was released from his duties as CEO of Hewlett Packard with a severance package worth approximately $28M, where he had previously been in recent talks with HP for a new contract worth nearly four times that, approximately $100M.

The loss of his job came after reports of sexual harassment, filed by a woman who had worked for HP as a hostess for some of their higher  – profile events, who also received monies for work she did not perform.

Hurd’s additionally falsifying expense reports with HP in order to hide his relations with the woman are indicative that, "it would be impossible for him to be an effective leader moving forward and that he had to step down," HP general counsel Michael Holston said during a conference call Friday.

Cathie Lesjak, currently HP’s CFO, has been named Chief Executive on an interim basis until a permanent replacement can be named.

As part of his severance package, Hurd will receive about $12M in cash and almost 350,000 shares of the company, worth another $16M, as well as an extension of the deadline for Hurd to purchase an additional 775,000 shares in the company.

As a result of this news, HP shares de-valued by just short of 10% in after – hours trading Friday.

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Posted in HP CEO ousted, stock drops in value

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