Mark Hurd - HP CEO Mark Hurd resigns over sexual harassment Allegations

HP CEO Mark Hurd resigned today amidst scandal. Mark Hurd of HP left his job after it was revealed he had a relationship with a woman who worked with the company on marketing issues. According to the AP, HP "said he falsified expense reports and other financial documents to conceal the relationship and help get the contractor paid for work she didn't do." Hurd, who cut pay for employees last year, earned a staggering $30.3 million dollars in 2009.

In resigning Hurd ensured himself a hefty payday. According to a proxy filing for 2009, had Hurd been fired for cause he would've been entitled to $27.2 million, if let go without cause the number goes up to $52.9 million. CNBC sources say his payday for leaving the company voluntarily will be between $40 and $50 million.

CEO Mark Hurd has just resigned over a sexual harassment investigation. Hurd and HP's board of directors decided that he should resign following a sexual harassment claim against Hurd and HP by a former marketing contractor, HP claims that although there was no violation of its sexual harassment policy, Hurd violated the company's standards of business conduct by submitting inaccurate expense reports that covered his relationship with the contractor. CFO Cathie Lesjak is taking over on an interim basis, and she's actually upping the company's forecasts for next quarter, saying Mark's resignation has nothing to do with HP's performance and everything to do with his behavior. A committee led by former Netscape CEO Marc Andreessen has been formed to find a new CEO; Lesjak has asked to be excluded, and HP declined to answer if Jon Rubinstein was being considered when we asked.

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