Yet another example of a CEO committing unethical acts, and getting paid millions.
Mark Hurd, the ex-CEO of HP, "rightsized" HP through mass layoffs, but had no moral compunction in using company coffers for his personal "extracurricular" activities. The Board is rewarding him with a $12.2 million 'severance' payment. It is highly unlikely that a non-executive HP employee would get ANY severance money if he committed such unethical activity.
HP said Hurd was forced out after the company discovered he had a relationship with a woman who worked with HP on marketing matters. The company 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...He will get a $12.2 million severance payment...Hurd is departing after cutting tens of thousands of jobs and launching an expensive expansion, including the $13.9 billion acquisition of technology-services provider Electronic Data Systems, the $2.7 billion takeover of computer-networking equipment maker 3Com Corp. and the $1.4 billion deal for mobile phone maker Palm Inc."
Hewlett-Packard CEO Mark Hurd Resigns After Sexual Harassment Probe - WSJ.com: "Mr. Hurd's severance agreement calls for a cash payment of $12.2 million, and other stock and bonus payouts that could bring the total to more than $35 million."
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