HP’s Mark Hurd Resigns After S-e-x-u-a-l Harassment Probe

August 6, 2010 by Post Team 

HP's Mark Hurd Resigns After S-e-x-u-a-l Harassment ProbeHP’s Mark Hurd Resigns After S-e-x-u-a-l Harassment Probe, SAN FRANCISCO – AP – Hewlett-Packard Co. chief executive, Mark Hurd, is stepping down after a sexual harassment investigation that found violations of the rules of other companies.

HP said Hurd decided to leave Friday after investigating a sexual harassment complaint against him and the company by a former contractor at HP. The probe concluded that the policy of the company for sexual harassment has been violated, but that its standards of business conduct were.

After the announcement, shares in the company fell more than 8 percent in after-hours trading.

In a statement, Hurd said during the investigation, “he realized that there were cases in which there was at the height of the norms and principles of trust, respect and integrity that have embraced HP.” He added that he believed it would be “difficult to continue as an effective leader, HP.”

And Robert Ryan Hurd, HP lead the independent board member, stressed that the departure of Hurd has nothing to do with the financial health of the company.

Ryan said in a statement that the HP board “deliberated extensively” about whether Hurd should leave his post.

“The board recognizes that this change in leadership is an unexpected news for everyone associated with HP, but we have strong leaders driving our businesses, and strong teams of employees driving,” he said.

Hurd, 53, joined HP in April 2005 as its CEO, president and board member. He earned the title of chairman in September 2006. Before coming to HP, he served as CEO of NCR Corp. ATM manufacturer two years, and as president of that company for almost four years earlier. He is a member of the board of News Corp. ‘s.

Technology company named Chief Financial Officer Cathie Lesjak as its interim CEO. Lesjak, 51, who has been with HP for 24 years, will continue as CFO. HP said a board committee will look for a new CEO, and the company said Lesjak decided not to be considered for the permanent CEO position.

Also Friday, HP released preliminary results for its third fiscal quarter, which came in slightly aboveanlysts’ expectations.

HP said it earned 75 cents per share during the period, compared with 67 cents per share in the same quarter a year ago. Excluding special items, the company earned and 1.08 per share. Analysts polled by Thomson Reuters expect adjusted earnings of 1.07 per share.

HP said revenue rose 11 percent from last year and 30.7 billion,anlysts were looking for and 30 billion in revenue.

HP gave its outlook for fiscal fourth quarter. The company forecast earnings of + 1.03 to 1.05 and a share, or $ 1.25 to 1.27 per share, after excluding special charges. Analysts were expecting adjusted earnings of 1.26 per share. HP hopes and 32500000000-32700000000 and revenue in line with the expectations of 32.6 billionanlysts y.

HP plans to report its final results on August 19.

Shares of HP fell and 4, or 8.6 percent, at 45.89 and after hours trading, after finishing the regular session down 5 cents to 46.30 y.

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