Hewlett-Packard (HP) Co’s former chief executive officer Mark Hurd has reached a legal settlement with the woman who accused him of sexual harassment, and she has also agreed to release HP from legal claims, according to sources familiar with the matter.
The world’s No. 1 computer maker stunned Wall Street and Silicon Valley on Friday by announcing Hurd’s resignation, accusing him of falsifying expense reports to conceal a “close personal relationship” with a female contractor.
The unidentified woman told HP’s board in June that Hurd had sexually harassed her, but an investigation found no violation of the company’s sexual harassment policy, HP said.
The contractor, who did marketing work for HP from 2007 to last year, did not have sexual relations with Hurd, according to her lawyer Gloria Allred, a high-profile attorney who often works with celebrity clients.
“Mark has settled the matter with the woman,” said one source who was briefed on the matter.
This person said the settlement included a payment, but the amount was not disclosed.
Another source with knowledge of the matter said HP was given a “release” by the contractor, and that the company had not paid her any money. This person also said Hurd had settled the matter. Both sources spoke on condition of anonymity.
Allred declined to comment.
According to sources, the contractor helped plan, market and host events for the office of the CEO. She made the sexual harassment charges on June 29 in a letter addressed to Hurd that came to his office.
The board then ordered an investigation, which found inaccurate expense reports filed by Hurd or on his behalf, and instances where the contractor received compensation for no legitimate business purpose, HP has said.
Hurd said in a statement on Friday that he had not lived up to his own standards of integrity. Hurd offered to reimburse the company for the expenses, which amounted to no more than US$20,000 over a two-year period, the source said.
News of Hurd’s resignation sent HP shares plunging 10 percent as he was one of the most respected executives in Silicon Valley. Chief financial officer Cathie Lesjak will take over while HP looks for a permanent CEO.
Hurd, who received nearly US$100 million in compensation over the past three years, will get a severance payment of US$12.2 million from HP.
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