HP Files Civil Complaint Against Former CEO Mark Hurd
Hewlett-Packard Company (NYSE:HPQ) has quickly responded to their former CEO joining Oracle Corporation (NASDAQ:ORCL) by filing a full complaint against him. The complaint was filed at the California Superior Court (County of Santa Clara).
According to the statement: “Mark Hurd agreed to and signed agreements designed to protect HP’s trade secrets and confidential information. HP intends to enforce those agreements.”
Below is an excerpt from the complaint:
“Despite being paid millions of dollars in cash, stock and stock options in exchange for Hurd’s agreements to protect HP’s trade secrets and confidential information during his employment and following his departure from his positions at HP as Chairman of the Board, Chief Executive Officer, and President, HP is informed and believes and thereon alleges that Hurd has put HP’s most valuable trade secrets and confidential information in peril. Hurd accepted positions with Oracle Corporation (“Oracle”), a competitor of HP, yesterday as its President and as a member of its Board of Directors. In his new positions, Hurd will be in a situation in which he cannot perform his duties for Oracle without necessarily using and disclosing HP’s trade secrets and confidential information to others.”
Parts of the Agreement Regarding Confidential Information and Proprietary Developments (the “Trade Secret Protection Agreements”), signed by Hurd on February 6, 2008, February 26, 2009, and February 12, 2010, can be found in the complaint (sections 28-32).
[HP Blogs]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry