Hurd’s Fall Cushioned by Big, Soft Pile of Cash
Ousted as Hewlett-Packard’s CEO, Mark Hurd understandably would prefer to look ahead, not back. And it’s a pleasant view, indeed, thanks to the big bucks he’ll make by selling off his large stake in his former employer. Insider-trading tracker Washington Service reports that on Monday, Hurd filed to sell up to 775,000 of his common shares.
Hurd had until September 7 to exercise those options as part of his severance deal, and he chose wisely. Hewlett-Packard (HPQ) closed at $39.04 on Monday, presumably leaving him with a potential take of $30.3 million. That, of course, is on top of the $12.2 million in cash that Hurd was given on the way out the door. At least one shareholder has filed suit against HP’s board over the size of the severance package.