Hewlett-Packard is planning an independent investigation into the circumstances surrounding the forced resignation of CEO Mark Hurd last year and the compensation package he received. A shareholder lawsuit claims HP's directors wasted company money by awarding Hurd as much as $53 million in severance.
Late Tuesday, PC maker Hewlett-Packard forecast a healthy growth in earnings and sales for fiscal 2011, as the company expands into consulting and computer security services. But the company remained mum on who will fill its CEO slot.
Big Blue isn't bullish on Hewlett-Packard. IBM CEO Samuel J. Palmisano launched a verbal barrage Tuesday at its Silicon Valley rival, criticizing HP's expensive 3PAR purchase, its handling of the ouster of scandal-tarnished CEO Mark Hurd, and its overall strategy.
Mark Hurd will receive an annual salary of $950,000 and a bonus of as much as $10 million for fiscal 2011 in his new position as president of Oracle. It's a big drop from his HP compensation.
Hewlett-Packard (HPQ) is suing its former chief executive, Mark Hurd, after news that he will be taking the post of co-president at competitor Oracle (ORCL). HP alleges that Hurd could end up violating confidentiality agreements by accepting the position.
Consider: Larry Ellison is 66 and Hurd is 54, plus Hurd has plenty of experience running a tech company much larger than Oracle. So, it seems likely that the Hewlett-Packard castoff -- now an Oracle co-president -- is destined to take over once Ellison decides to move on.
Oracle's Larry Ellison is standing by his man, ex-Hewlett-Packard CEO Mark Hurd. Ellison, who was highly critical of HP's board of directors for showing Hurd the door over a seemingly minor expense-report infraction has hired his friend to become one of Oracle's co-presidents.
Tech stocks are on sale these days, giving buyers a chance to pick up shares at impressive discounts. The sale isn't due entirely to market jitters. A good sex scandal helped to create opportunity as did less-than-rosy earnings forecasts.
According to news reports, HP's directors were surprised Hurd had settled the sexual-harassment claim before they could learn more about the incident. This contributed to their unanimous vote to oust Hurd as CEO the following day.
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."
