Hurd strikes deal with HP, free to join Oracle

Written by: Samyuktha
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San Franciso, Sep 21: After weeks of uncertainty, Hewlett-Packard Co and former CEO Mark Hurd have struck a deal. Hurd is now free to join Oracle Corp but it will cost him $14 million.

As part of the deal announced on Monday, Sep 20, Hurd is required to give up $14 million in stock that was part of his HP severance package.

While the deal minimised the damage to HP's image over Hurd's ouster and save the company from dragging through a long court battle, Hurd is not in any real pain over the millions he is losing as he has already earned a lot in the form of severance and would earn a lot more with Oracle.

Hurd was asked to resign in Aug 2010 following sexual harassment allegations.

The news of Hurd planning to join Oracle under CEO Larry Ellison quickly followed after Ellison criticised the HP's decision to oust Hurd despite finding no merit to the sexual harassment charges of a former marketing contractor.

As Hurd had secrets of HP that the company would not want out, the world's biggest technology company considered legal options and lawsuit to stop the ousted CEO from joining Oracle.

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