That’s Gotta Hurd: Former HP CEO Forfeits $13.6 Million in Options to Settle Suit
The controversy over Oracle’s newest employee, former Hewlett-Packard CEO Mark Hurd, has ended as quickly as it began. Moments ago, HP issued a statement reaffirming its long-term strategic partnership with rival Oracle and announcing the resolution of its breach-of-contract suit against Hurd. The agreement’s terms are confidential, but it did come at a price for Hurd: The forfeiture of HP stock options (about 345,000 of ’em) worth about $13.6 million at today’s close of $39.39.
HP and Oracle Reaffirm Commitment to Long-term Strategic Partnership
Companies resolve litigation regarding Mark Hurd’s employment
PALO ALTO and REDWOOD SHORES, Calif., Sept. 20, 2010 – HP and Oracle Corp. today reaffirmed their long-term strategic partnership and the resolution of litigation regarding Mark V. Hurd’s employment at Oracle. While the terms of the settlement are confidential, Mr. Hurd will adhere to his obligations to protect HP’s confidential information while fulfilling his responsibilities at Oracle. The agreement also reaffirms HP and Oracle’s commitment to delivering the best products and solutions to their more than 140,000 shared customers.
“HP and Oracle have been important partners for more than 20 years and are committed to working together to provide exceptional products and service to our customers,” said Cathie Lesjak, chief financial officer and interim chief executive officer, HP. “We look forward to collaborating with Oracle in the future.”
“Oracle and HP will continue to build and expand a partnership that has already lasted for over 25 years,” said Oracle CEO Larry Ellison.