Exiting Mark Hurd pockets hefty severance package

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HP
San Francisco, Aug 7: The existing Hewlett-Packard Co CEO Mark Hurd, who resigned on Friday, Aug 6 over sexual harassment charges, will be pocketing a hefty severance package of 12.2 million dollars.

In its filing with the Securities and Exchange Commission, HP said Hurd will be paid more than $12.2 million for agreeing to resign as part of the company's executive severance plan.

He also will still be able to purchase up to 775,000 shares of outstanding options for H-P's common stock until Sep 7, the Wall Street Journal reported.

Besides this, Hurd also will receive 330,177 shares based on his performance from Jan 17, 2008 til his resignation.

According to the filing, the total has been reduced as he quit the company before the three-year performance period was set to end on Oct 31.

OneIndia News

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