LOGIN
REGISTER
NEWSLETTER
RSS
SOFTWARE INDUSTRY NEWS |
HP CEO Mark Hurd resigns |
|
|
HP has said that its Chairman, Chief Executive Officer and President Mark Hurd has decided to resign his positions effective immediately. Hurd’s decision comes in the wake of an investigation by outside legal counsel and the General Counsel’s Office, overseen by the company's Board, of the facts and circumstances surrounding a claim of sexual harassment against Hurd and HP by a former contractor to HP. Reports said that Hurd had an undisclosed personal relationship with the contractor and had also filed inaccurate expense reports that were aimed at concealing his relationship. Reports referred to HP's conference call where the company clarified that the contractor received compensation for which there was no justified business reason, though it termed the dollar amount of the improper expense reports as "immaterial." The complainant was a marketing consultant with the company between the fall of 2007 through the fall of 2009. Other reports in the media quoted the her attorney, Gloria Allred, clarifying that there was “no affair and no intimate sexual relationship” between the complainant and Hurd. Although the investigation determined there was no violation of HP’s sexual harassment policy, it did find violations of HP’s Standards of Business Conduct, the company said in a statement. The company Board has appointed CFO Cathie Lesjak, 51, as interim CEO. Lesjak is a 24-year veteran at HP, and has served as company CFO and as a member of the company’s Executive Council since January 2007. She oversees all company financial matters and will retain her CFO responsibilities during the interim period, HP said. In the statement, Hurd said, “As the investigation progressed, I realized there were instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP and which have guided me throughout my career. After a number of discussions with members of the board, I will move aside and the board will search for new leadership. This is a painful decision for me to make after five years at HP, but I believe it would be difficult for me to continue as an effective leader at HP and I believe this is the only decision the board and I could make at this time. I want to stress that this in no way reflects on the operating performance or financial integrity of HP.” Hurd said HP is “exceptionally well positioned strategically” and given its “extremely talented executive team supported by a dedicated and customer focused work force,” he expected it to continue to be “successful in the future.” HP will pay $12.2 million and stock awards to Hurd as part of severance, according to a report filed with the SEC. Robert Ryan, lead independent director of the Board, clarified that Hurd's departure had nothing to do with company performance or financial condition. The Board has set up a search committee comprising Marc L. Andreessen, Lawrence T. Babbio, Jr., John H. Hammergren, and Joel Z. Hyatt, which will oversee the process for identifying and selecting a new CEO and Board Chair. Lesjak has taken herself out of consideration as the permanent CEO but will serve as interim CEO until the selection process is complete. HP would consider both internal and external candidates and is not planning any structural or executive leadership changes in the near future, the company statement said. |
LISTS AND RESEARCH
-
Global Software Top 100 - Edition 2011
- The Global Software Top 100 is a list of the world's largest software companies, ranked by annual software revenues. The list is based upon revenue information of 10,000+ IT companies worldwide.
-
Software industry trends (2011)
- This research article (accompanying the Global Software Top 100) describes changes in the software industry playing field. It analyses trends and key players and forecasts future developments.
- Top hardware companies
- A list of the world's largest hardware companies.
- What happens in the hardware industry?
- Trends and analysis of the hardware industry and its key players.
- Top IT services companies
- A list of the world's largest IT services companies, ranked by annual services revenues. This link will take you to www.servicestop100.org.
- IT services companies: healthy growth
- What is happening in the IT services industry? Read this research publication to find out about trends and key players in the IT services industry.
- Top gaming companies (2010)
- Entertainment is good business, and gaming software companies are growing faster than the rest of the software industry. This research article discusses trends and key players in the gaming business.
- Top ERP companies
- A research publication about the world's leading players in enterprise software.
- Top security software companies
- A research publication discussing the world's leading publishers of security software: antivirus-, spamfiltering-, intrusion detection- and firewall software.
- The fastest growing software companies
- This research publication reveals the fastest growing software companies in the world.
-
CRM companies: a short list
- A short list of the leading software companies selling Customer Relationship Management software; aimed at IT managers looking to purchase CRM software.
- Top software companies in the US (2010)
- A list of the largest software companies in the United States, ranked by annual software revenues. 2010 Edition, posted 15 December 2010.
- U.S. software industry trends (2010)
- A research publication discussing the trends and the key players in the software industry in the United States. Posted 15 December 2010.
- Top companies in the world (not just software)
- A general list of the largest companies in the world, ranked by revenues. Not just software companies; in fact, there are no software companies in it...
- Top IT companies
- A list of the largest IT companies in the world, ranked by annual revenues. Includes hardware, software and services.
