SEC Evaluates Exit of Former Hewlett Packard CEO Hurd
December 21, 2010
(ChattahBox Technology News)—When Mark Hurd suddenly left Hewlett Packard last summer amid allegations of a personal relationship with a marketing contractor, analysts considered the move a dramatic turn, but many did not expect the government to look into it. However, the SEC is investigating the departure of Hurd, who left HP and took on the co-presidency of Oracle, the New York Times reports.
Jodie Fisher, the marketing executive with whom Hurd worked closely, later accused him of sexual harassment, but the HP board found no evidence that it occurred. Fisher also said Hurd shared information with her about a meeting he planned with Electronic Data Systems, which HP later purchased. Unless Fisher traded on that information or shared it with someone who did, Hurd’s conversation with her about the meeting would not be considered insider trading, the Times notes.
The SEC is also researching accusations that Hurd destroyed information stored on a computer. HP’s stock fell 10 percent following Hurd’s exit and has not recovered, the Times reports.