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, they's getting about a third to Thurs way that I just go away.
In a stunning announcement Friday, HP Said it ousted Hurd on an investigation "of a sexual harassment Complaints found That they had falsified expense, reports and documents mutch Thurs conceal a relationship with a Contractor. Also Hurd allegedly helped the woman get paid for work Did not she do.
In Recent weeks, Hurd was in Negotiations for a new three-year contract worth about $ 100 million "when a woman Ken 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 The Associated Press. The person Requested anonymity Because this person wasn't permission 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 not have doubled in value During his five-year stewardship, and HP Became the world's No.. 1 technology company by revenue in That Time.
Hurd's "Systematic pattern" of submitting falsified financial 'reports Thurs hide the relationship convinced the board That "it'd be impossible for him to Be an Effective leader moving forward And that they had Thurs step down," HP general counsel Michael Holston, Said is a conference Friday call with Analysts.
"The facts That drove the Decision for the company had Thurs with integrity, had to do one with credibility, had to do one with Honesty," Holston Said, declining Thurs elaborate.
Holston Said the inaccurate financial 'reports related only Thurs Hurd's personal Expenses.
Hurd, 53, acknowledged there were "instances in WCG I did Not live up to the Standards and Principles of the Trust, Respect and integrity here I come espoused at HP."
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