SEC Investigating Reasons For Mark Hurd’s Departure From HP
The SEC is investigating the departure of former Hewlett-Packard Company (NYSE:HPQ) CEO Mark Hurd. Hurd is believed to have shared inside information with a former H-P event hostess in 2008 about the company’s $13.9 billion acquisition of EDS.
Hurd denied having a relationship with contractor Jodie Fisher. The SEC is also looking at corporate expenses made by Hurd over when working with Fisher. “Mark acted properly in all respects,” stated Mark Hurd’s spokesman, Glenn Bunting. “It is understandable that the SEC is looking into the events surrounding Mark’s departure, which was followed by a precipitous drop in the value of H-P’s stock.”
Hurd is now the co-president of Oracle Corporation (NASDAQ:ORCL). H-P has been fully cooperating with the SEC on their investigation. Hurd had left H-P after Fisher sent a letter claiming that she was sexually harassed between 2007 and 2009. H-P was able to determine that Fisher was paid for events that never had taken place. It is uncertain how long the SEC will take before deciding to formally bring a case against Hurd. The SEC’s request for documents and other information from H-P have so far been “informal.”
[WSJ]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry