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HP settles with former CEO Mark Hurd

HP settles with former CEO Mark Hurd

Less than two weeks after suing former CEO Mark Hurd for taking a job with Oracle, Hewlett-Packard says the two sides have put their differences behind them and settled outside of court.

The terms of the settlement are confidential, according to an HP spokesperson. HP said today that Hurd, now co-president of Oracle, has agreed to “adhere to his obligations to protect HP’s confidential information while fulfilling his responsibilities at Oracle.” But an SEC filing today gives away the real resolution: Hurd agreed to return some of the stock he was granted while still employed by HP.

The SEC filing notes that Hurd waived his rights to 346,030 restricted stock units, some of them performance-related, others time-based, granted to him in January 2008 and December 2009. The deal was put into motion when Oracle CEO Larry Ellison approached one of HP’s board members, Marc Andreessen, according to a person familiar with the situation.

Read More/Source: C|Net

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