Oracle's billionaire CEO Larry Ellison is angry about how HP's board treated his "close friend" Mark Hurd. In a scathing letter released late Monday, Ellison said the HP board "just made the worst personnel decision since the idiots on the Apple Board fired Steve Jobs many years ago."
While HP's stock doubled under Hurd -- from $21 to below $42 -- and his departure sliced off 10% of its value, there seems to be a gap between HP's net income growth and the slide in its cash position with him as CEO.
The Mark Hurd saga, which began Friday when he resigned as Hewlett-Packard CEO under pressure, isn't over. Several reports say he settled sexual harassment charges by a female contractor. The board apparently isn't buying his account of their meetings.
Ousted Hewlett-Packard CEO Mark Hurd may be disgraced, but his bank account isn't. He's leaving the company with a severance package worth approximately $28 million in cash and stock.
CEO Hurd was seen as rescuing Hewlett-Packard from the mess left behind by his ill-fated predecessor, Carly Fiorina. That is, until he wound up getting ousted for creating his own mess. The world's leading computer company now has to regroup again.