From: Susan Wilhite (MKT-US)
Sent: Saturday, August 07, 2010 7:31:15 AM
Subject: Newsbank :: HP's CEO Mark Hurd resigns
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HP's CEO Mark Hurd resigns: Sexual harassment allegations raised
This from HP:
HP announced that Chairman, Chief Executive Officer and President Mark Hurd has decided with the Board of Directors to resign his positions effective immediately.
Hurd's decision was made following an investigation by outside legal counsel and the General Counsel's Office, overseen by the Board, of the facts and circumstances surrounding a claim of sexual harassment against Hurd and HP by a former contractor to HP.
The investigation determined there was no violation of HP's sexual harassment policy, but did find violations of HP's Standards of Business Conduct.
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."
The Board has appointed CFO Cathie Lesjak, 51, as CEO on an interim basis.
HP press release here.