(Head Honcho)
08/06/10 09:40 PM
HP CEO Mark Hurd resigns

Wow, that's a shock. HP's CEO Mark Hurd has announced that he's resigned, effective immediately. The company CFO, Cathie Lesjak, will take over in the interim while also maintaining her responsibilities as CFO. Hurd resigned due to charges of sexual harrassment filed against him by a contractor. HP's chief legal counsel and outside counsel performed an investigation into the harassment charges. The investigation determined there was no violation of HP?s sexual harassment policy, but did find violations of HP?s Standards of Business Conduct.

A Search Committee of the Board of Directors has been created, consisting of Marc L. Andreessen, Lawrence T. Babbio, Jr., John H. Hammergren, and Joel Z. Hyatt, which will oversee the process for the identification and selection of a new CEO and Board Chair. HP?s lead independent director, Robert Ryan, will continue in that position.

During his 5 year tenure with HP, Hurd did an amazing job of turning HP around, and they're now the number one PC maker. HP also today announced preliminary 3rd quarter results and raised their full year outlook for revenue.


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