Today's Sleaze Award - Disgraced HP CEO Mark Hurd to Get Nearly $28M
HP said Friday that it ousted Hurd after its investigation of a sexual harassment complaint found he had falsified expense reports and other documents to conceal a relationship with a contractor. Hurd also allegedly helped the woman get paid for work she didn't do.
In recent weeks, Hurd was in negotiations for a new three-year contract worth about $100 million.
News of his abrupt departure sent HP's stock tumbling nearly 10 percent after hours Friday. Shares of the world's biggest maker of personal computers and printers have doubled in value during his five-year stewardship, and HP became the world's No. 1 technology company by revenue in that time.
Hurd's "systematic pattern" of submitting falsified financial reports to hide the relationship convinced the board that "it would be impossible for him to be an effective leader moving forward and that he had to step down," HP general counsel Michael Holston said on a conference call Friday with analysts.
