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Hurd faces hurdles as SEC looks into ouster
By Jordan Robertson |
December 22, 2010, Wednesday
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Print Edition
Print Edition
MARK Hurd is facing more fallout from his ouster five months ago as CEO of Hewlett-Packard Co, the world's biggest personal computer and printer maker.
The US Securities and Exchange Commission is investigating the circumstances of Hurd's forced resignation in August, a surprising exit that triggered an immediate US$9 billion drop in HP's market value and involved allegations of sexual harassment and inappropriate sharing of inside information.
HP said on Monday it is cooperating with the investigation, which was reported by the Wall Street Journal. The SEC declined to comment.
"Mark acted properly in all respects," David Satterfield, a spokesman for Hurd, said in a statement. "It is understandable that the SEC is looking into the events surrounding Mark's departure, which was followed by a precipitous drop in the value of HP's stock."
Hurd's five-year reign at HP, which was hailed by Wall Street but reviled by many HP staff because of deep job and cost cuts, came to an end after a former HP marketing contractor, Jodie Fisher, accused him of sexual harassment.
HP's board said it didn't find evidence to support the harassment claim, but did find inaccuracies in Hurd's expense reports for his outings with Fisher, who helped organize and host HP networking events that Hurd attended.
The Journal reported that the SEC's investigation is looking at the expense reports, as well as another of Fisher's allegations - that Hurd told her in advance about HP's US$13.9 billion acquisition of Electronic Data Systems in 2008 - and the possibility that Hurd destroyed computer evidence related to the case.
The US Securities and Exchange Commission is investigating the circumstances of Hurd's forced resignation in August, a surprising exit that triggered an immediate US$9 billion drop in HP's market value and involved allegations of sexual harassment and inappropriate sharing of inside information.
HP said on Monday it is cooperating with the investigation, which was reported by the Wall Street Journal. The SEC declined to comment.
"Mark acted properly in all respects," David Satterfield, a spokesman for Hurd, said in a statement. "It is understandable that the SEC is looking into the events surrounding Mark's departure, which was followed by a precipitous drop in the value of HP's stock."
Hurd's five-year reign at HP, which was hailed by Wall Street but reviled by many HP staff because of deep job and cost cuts, came to an end after a former HP marketing contractor, Jodie Fisher, accused him of sexual harassment.
HP's board said it didn't find evidence to support the harassment claim, but did find inaccuracies in Hurd's expense reports for his outings with Fisher, who helped organize and host HP networking events that Hurd attended.
The Journal reported that the SEC's investigation is looking at the expense reports, as well as another of Fisher's allegations - that Hurd told her in advance about HP's US$13.9 billion acquisition of Electronic Data Systems in 2008 - and the possibility that Hurd destroyed computer evidence related to the case.
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