HP CEO fired for misuse of corporate assets

FT reports HP CEO Mark Hurd has been forced to resign after an internal investigation that looked into an allegation of sexual harassment. Hurd was cleared of the claim, but investigators did discover that Hurd had falsified expenses to hide private dinners with the woman.

HP said that Mr Hurd’s departure was precipitated by “numerous” expense violations, as well as his “close personal relationship” with the woman, who had acted as a marketing contractor to the computer maker. It also alleged misuse of other corporate assets.

One person familiar with Mr Hurd’s position said he had no more than “half a dozen” dinners with the contractor, and denied that the relationship had been inappropriate. This person also put any expense violations down to mistakes rather than any deliberate act, and said that Mr Hurd had made no attempt to hide expense claims that involved the contractor.

BusinessWeek notes Hurd will receive a $12.2 million cash payment and HP stock valued at about $16 million as part of his resignation, and MarketWatch reports Hurd agreed to pay the woman to settle the harassment complaint.