HP CEO may get $40 mn severance for illegitimate relations with contractor

Posted By: Samyuktha
Subscribe to Oneindia News

New York, Aug 10 (ANI): The CEO of American IT company Hewlett-Packard, Mark Hurd may get 40 millions dollar severance because of his resignation following the revelation of his illegitimate relationship with contractor Jodie Fisher.

Mark Hurd's sexual harassment scandal has already cost Hewlett-Packard 9 billion dollars in the stock market, but the disgraced former CEO could walk away from the situation with over 40 million dollars.

Compensation experts said that in addition to a 12 million dollars cash severance payment, Hurd will get three times that in stock and other benefits.

"Hurd gets to keep $8.9 million in stock options, 12.7 million dollars in performance-based stock units and, more than 600,000 pounds in restricted stock units," the New York Daily News quoted the CNBC website as saying.

Combined with his medical and dental benefits, Hurd's take-away will total at least 34 million dollars, and could exceed 40 million dollars thanks to HP's strong performance this year.

Hurd resigned after a sexual harassment probe found the executive falsified expense reports worth up to 20,000 dollars to hide a personal relationship with female contractor Jodie Fisher.

Fisher, whose allegations against Hurd led to his resignation, said the pair has reached an out-of-court settlement. (ANI)

Please Wait while comments are loading...