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SEC looks into Hurd and his departure from HP |
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The Securities and Exchange Commission is reported to be investigating into the Mark Hurd – Jodie Fisher episode that eventually led to the departure of HP's CEO from the company for filing inaccurate expense reports.  Hurd, who was widely credited for turning around HP and was CEO of the company for five years, left the company following an internal investigation into a sexual harassment complaint by a former marketing consultant. Though the investigation found no evidence of sexual harassment, it revealed that Hurd had an undisclosed personal relationship with the contractor and had also filed inaccurate expense reports that were aimed at concealing his relationship. Subsequently, he quit the company, which led to a substantial drop in HP stock even as he pocketed around $28 million in severance pay and landing a job as Co-President at Oracle. The SEC is now trying to find out whether there is more to the case than meets the eye, namely whether Hurd in some way informed Jodie Fisher of HP's impending acquisition of outsourcing giant EDS (Electronic Data Systems), and whether that information was used to conduct securities transactions. It is also said to be looking into the reason for his leaving the company, i.e. the filing of inaccurate expense reports, and the possibility of him destroying evidence on a company about his leaving HP. HP, in a statement, said it was cooperating with the investigation, even as reports said Hurd was trying to ensure the privacy of Jodie Fisher's eight-page complaint letter that is currently with a Delaware Court. HP shareholders are seeking the letter's release to gain some insight over the true reasons of Hurd's abrupt departure from the company. HP's stock saw a significant drop in value after he quit and shareholders are yet to recover from their losses. |
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