Disgraced HP CEO to get nearly $28 million

[babylonsister]

Disgraced HP CEO to get nearly $28 million
AP

By JORDAN ROBERTSON and RACHEL METZ, AP Technology Writers


SAN FRANCISCO – Lauded for making Hewlett-Packard Co. the world's biggest technology company, CEO Mark Hurd was in negotiations for a new contract worth about $100 million, according to a person familiar with the negotiations.

Instead, he's getting about a third of that to just go away.

In a stunning announcement Friday, HP said it ousted Hurd after an investigation of a sexual harassment complaint found that he had falsified expense reports and other documents to conceal a relationship with a contractor. Hurd also allegedly helped the woman get paid for work she didn't do.

In recent weeks, Hurd was in negotiations for a new three-year contract worth about $100 million when a woman who worked for HP as a host at high-profile events accused him of sexual harassment, a person with intimate knowledge of the case told The Associated Press. The person requested anonymity because this person wasn't authorized to speak publicly about the details of the case.

News of Hurd's abrupt departure sent HP's stock tumbling nearly 10 percent. Shares of the world's biggest maker of personal computers and printers have doubled in value during his five-year stewardship, and HP became the world's No. 1 technology company by revenue in that time.

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http://news.yahoo.com/s/ap/20100807/ap_on_hi_te/us_hp_ceo_resigns