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HP Settles Suit With Mark HurdPOSTED September 22, 2010 REDWOOD CITY -- HP has settled a lawsuit with former CEO Mark Hurd over his recent move to Oracle as President. The company said in a filing with the SEC that Hurd has waived his rights to 330,177 performance-based restricted stock units granted to Mr. Hurd in a Separation Agreement granted in 2008 and to the 15,853 time-based restricted stock units granted to Mr. Hurd on December 11, 2009. The shares are worth about $13 million. Oracle announced earlier this month that Hurd. former CEO of HP, has joined Oracle as President and has been named to Oracle's Board of Directors. Mr. Hurd will report to Oracle CEO Larry Ellison. Hurd resigned from HP in disgrace last month after reports of a sexual harassment complaint from a contractor at HP and improper expense reports. Hurd is a close friend of Larry Ellison. Hurd will be a Co-President with Safra Catz at Oracle. Charles Phillips, another Co-President of Oracle, has resigned from the company. "Mark did a brilliant job at HP and I expect he'll do even better at Oracle," said Oracle CEO Larry Ellison. "There is no executive in the IT world with more relevant experience than Mark. Oracle's future is engineering complete and integrated hardware and software systems for the enterprise. Mark pioneered the integration of hardware with software when Teradata was a part of NCR." "Mark is an outstanding executive and a proven winner," said Oracle Co-President Safra Catz. "I look forward to working with him for years to come. As Oracle continues to grow we need people experienced in operating a $100 billion business." "I believe Oracle 's strategy of combining software with hardware will enable Oracle to beat IBM in both enterprise servers and storage," said Mark Hurd. "Exadata is just the beginning. We have some exciting new systems we are going to announce later this month at Oracle OpenWorld. I'm excited to be a part of the most innovative technology team in the IT industry." © Copyright SVDaily.com |
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