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Edition: U.S. Article Comments (5) Video Save Email Print Reprints Most Popular Most Shared UPDATE 2-Google ordered to defend against age bias lawsuit 05 Aug 2010 Snap analysis: July jobs show odd mix of bad news 06 Aug 2010 HP CEO resigns after sex harassment investigation 06 Aug 2010 HP CEO resigns after sex harassment investigation | Video 06 Aug 2010 Dog chews off Michigan man's toe, saves his life 04 Aug 2010 House lawmaker calls for probe of Fannie Mae allegations 12:38am EDT Idaho seeks to kill hundreds of protected wolves 06 Aug 2010 Cancer cells slurp up fructose, US study finds 02 Aug 2010 Berkshire net down 40 percent on derivative losses 06 Aug 2010 Pakistan's Sindh on high alert for floods | Video 1:32am EDT Cancer cells slurp up fructose, US study finds 02 Aug 2010 Dog chews off Michigan man's toe, saves his life 04 Aug 2010 "Several Americans" believed killed in Afghan shooting 3:06am EDT HP CEO resigns after sex harassment investigation | Video 06 Aug 2010 UPDATE 2-Google ordered to defend against age bias lawsuit 05 Aug 2010 HP CEO resigns after sex harassment investigation 06 Aug 2010 Candidato opositor brasileño Serra vincula oficialismo con FARC 19 Jul 2010 World simmers in hottest year so far 16 Jul 2010 U.N. committee moves to keep out gay-lesbian NGO 03 Jun 2010 Flash floods kill 88 in India's Ladakh 06 Aug 2010 HP CEO resigns after sex harassment investigation Digg This Tweet This Share on LinkedIn Share on Facebook Factbox HP CEO latest exec to lose job over relationship Fri, Aug 6 2010 Related News Instant View: HP CEO quits after sex harassment probe Fri, Aug 6 2010 Sexual harassment a common pattern say experts Fri, Aug 6 2010 Corrected: HP has strong internal talent to replace Hurd Fri, Aug 6 2010 Related Topics Technology » iPad » Related Video Hewlett-Packard CEO steps down Fri, Aug 6 2010 Mark Hurd, President, CEO and chairman of Hewlett Packard, testifies during a hearing held by the U.S. House Energy and Commerce Committee investigating Hewlett-Packard on Capitol Hill in Washington September 28, 2006. Credit: Reuters/Kevin Lamarque By Gabriel Madway and Alexei Oreskovic SAN FRANCISCO | Fri Aug 6, 2010 11:11pm EDT SAN FRANCISCO (Reuters) - Hewlett-Packard Co CEO Mark Hurd resigned on Friday after an investigation found that he had falsified expense reports to conceal a "close personal relationship" with a female contractor. The shocking announcement from the world's top personal computer maker sent its shares plunging 10 percent, as Hurd is one of the most admired executives in Silicon Valley, credited with reviving HP after the tumultuous reign of Carly Fiorina. The unnamed contractor, who did marketing for HP from late 2007 to fall 2009, contacted the firm's board in June this year and alleged that Hurd had sexually harassed her, HP said. The board ordered an investigation and found that the married 53-year-old Hurd did not violate HP's sexual harassment policy. But he had a "close personal relationship" with the woman that was never disclosed to the board, HP said. "The board investigation found that Mark demonstrated a profound lack of judgment that seriously undermined his credibility and damaged his effectiveness in leading HP and Mark agreed," HP General Counsel Mike Holston said, adding that the board's decision to replace Hurd was unanimous. Gloria Allred, a Los Angeles-based attorney who has represented numerous high-profile clients including Tiger Woods' alleged mistresses, said late Friday she is representing the woman who made the sexual harassment claim. She said her client did not have sex with Hurd, but declined to identify the woman or comment further. According to HP, Hurd filed "numerous inaccurate expense reports" that concealed his relationship with the contractor, who also received compensation and expense reimbursements without legitimate business reasons. Hurd, who was also chairman of HP and had a reputation for rigid cost discipline, said the decision to step aside was a "painful" one. "I realized there were instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP," Hurd said in a statement. A source familiar with Hurd's account of the situation described his relationship with the contractor as "business acquaintances" who had dined together about a dozen times. The source said the expense issues stretched over two years, were related to travel, meals and lodging, and totaled up to $20,000. Another source familiar with the situation described the woman as a "low-level contractor" who would assist at marketing events. This person said Hurd submitted falsified expense reports that said he dined alone or with a bodyguard when he had dined with her. HP SEARCHES FOR NEW CEO The revelation immediately triggered speculation on who would succeed Hurd, who during his five years at the helm engineered transformative acquisitions, from smartphone pioneer Palm to technology services giant EDS. Chief Financial Officer Cathie Lesjak will take over on an interim basis, though she has taken herself out of consideration as the permanent CEO, HP said. Analysts said there was no shortage of tech veterans who would be eager to lead HP, which also has a deep bench of internal candidates like PC chief Todd Bradley or corporate strategy head Shane Robison. "They probably have their pick. HP is one of the showcase companies that people would be interested in running," said Mark Kelleher, an analyst at Brigantine Advisers. Analysts said Hurd's departure should alter neither its strategic direction nor its performance record. In a bid to reassure investors, HP raised its outlook for full-year profit forecast to $4.49 to $4.51 per share excluding items, from $4.45 to $4.50. The average EPS forecast from analysts was $4.49, according to Thomson Reuters I/B/E/S. HP's forecast of revenue of $125.3 billion to $125.5 billion also surpassed the average estimate of $124.5 billion. THE HP WAY News of Hurd's departure stunned the technology world. HP is the world's largest technology company by revenue, and it is a major player in personal computers, servers, services and printers. "Shock and puzzlement, that's how it's going to go down," said Russell Hancock, president and chief executive of Joint Venture Silicon Valley, an area business group. "There wasn't anybody who criticized his handling of the company." HP, a Silicon Valley icon founded in a Palo Alto garage in 1939, has experienced a fair amount of turmoil in recent years. That has hurt a firm that has prided itself on building trust with employees, a mantra often referred to as "the HP way." In 2006, former HP Chair Patricia Dunn resigned after reports surfaced that HP had hired private investigators to spy on board members and journalists to plug media leaks. The buttoned-down Hurd, who took over as CEO after Fiorina resigned in February 2005 in the wake of a controversial deal to acquire PC maker Compaq, brought stability to HP. HP shares have more than doubled since Hurd, former CEO of NCR Corp, took the helm five years ago. He cut costs and expanded HP's footprint in the services market. Hurd was known as a serial acquirer, unafraid of making bold moves to take on competitors like IBM, Apple Inc and Research in Motion. "Mark Hurd was extremely instrumental in turning this company around," said Susquehanna Financial Group analyst Jeffrey Fidacaro. "There's going to be a serious gap in leadership at the top of this company." Hurd will be well compensated as he departs HP, receiving a severance payment of $12.2 million. His 2009 total compensation was $30.3 million, according to a filing. His total compensation in the last three years was about $97.8 million. HP said its board of directors has formed a search committee to find a new chief executive and board chair. "It's a negative because the positive leadership that HP has had under Hurd is identified with his name," Nehal Chokshi, an analyst with Technology Insights Research-Southridge Research Group, said of Friday's news. HP, which was scheduled to report quarterly earnings later this month, also pre-reported its results. Shares of Palo Alto, California-based HP closed at $46.30 on the New York Stock Exchange and fell to $41.50 in extended trading. (Additional reporting by Edwin Chan, Sinead Carew, Alex Dobuzinskis, Jim Christie, and Ritsuko Ando; Editing by Gary Hill, Tiffany Wu and Richard Chang) Technology iPad Comments See All Comments (5) | Post Comment Aug 06, 2010 11:09pm EDT You would think he would have simply paid the expenses out of his own pocket givne he makes over $30 million a year? He should resign for his stupidity Jimmyjoemeeker Report As Abusive Aug 06, 2010 11:24pm EDT This is terrible news for HPQ shareholders as Hurd has done heroic work for that company in recent years. HPQ could easily have looked like Dell, but instead looks more like IBM and Apple, largely because of Mark Hurd. Wow STORYBURNhere Report As Abusive Aug 07, 2010 12:49am EDT It amazes me that people in these position’s almost always seem to believe that they are beyond reproach, or are invincible. anamericancynic Report As Abusive Aug 07, 2010 1:24am EDT This reminds me of a line by Kevin Spacey in “American Beauty”…… ” .. he was buying pu***y with company money”. What an idiot. AlexZ83 Report As Abusive Aug 07, 2010 2:42am EDT I worked for HP a few years ago. It was pretty much downhill after Carly. RIP HP murfster Report As Abusive See All Comments (5) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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