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HP CEO Mark Hurd Resigns; CFO Cathie Lesjak Appointed Interim CEO

by Ethan_Bauley on 08-06-2010 10:34 PM - last edited on 08-07-2010 09:44 PM

 

(The following is an excerpt from HP's official press release from today, August 6, 2010.  HP plans to release its final results for the third fiscal quarter on Thursday, Aug. 19, 2010, with a conference call at 6 p.m. ET/3 p.m. PT to provide additional details.  Access the live audio webcast at www.hp.com/investor/IRbriefing.)

 

HP today announced that Chairman, Chief Executive Officer and President Mark Hurd has decided with the Board of Directors to resign his positions effective immediately.

 

The Board has appointed CFO Cathie Lesjak, 51, as CEO on an interim basis. Lesjak is a 24-year veteran of the company who has served as HP’s CFO and as a member of the company’s Executive Council since January 2007. She oversees all company financial matters and will retain her CFO responsibilities during the interim period.

 

Hurd’s decision was made following an investigation by outside legal counsel and the General Counsel’s Office, overseen by the Board, of the facts and circumstances surrounding a claim of sexual harassment against Hurd and HP by a former contractor to HP. The investigation determined there was no violation of HP’s sexual harassment policy, but did find violations of HP’s Standards of Business Conduct.

 

A Search Committee of the Board of Directors has been created, consisting of Marc L. Andreessen, Lawrence T. Babbio, Jr., John H. Hammergren, and Joel Z. Hyatt, which will oversee the process for the identification and selection of a new CEO and Board Chair. HP’s lead independent director, Robert Ryan, will continue in that position.

 

HP announces preliminary third quarter results; raises full-year outlook for revenue and non-GAAP EPS

HP is announcing preliminary results for the third fiscal quarter 2010, with revenue of approximately $30.7 billion up 11% compared with the prior-year period.

 

HP plans to release its final results for the third fiscal quarter on Thursday, Aug. 19, 2010, with a conference call at 6 p.m. ET/3 p.m. PT to provide additional details.  Access the live audio webcast at www.hp.com/investor/IRbriefing

  

For the full press release, please visit the HP newsroom: http://www.hp.com/hpinfo/newsroom/press/2010/100806a.html

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by John Wesley White(anon) on 08-10-2010 12:39 PM
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I think the HP board acted too quickly and without adequate consideration of the company's best interests by forcing out its successful CEO.  Rather than be concerned about a public relations problem, the board should have been looking out for shareholder interests and the best long term prospects for HP.  It would be great if the board bore the full brunt of its cowardly action but, unfortunately, the adversity will be borne by shareholders and employees, who had no say in the matter.

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Data Central is the official HP corporate blog, brought to you by the corporate communications team in Palo Alto. Before commenting, please read our community guidelines. For more news and press contacts, visit the HP newsroom. Note: all times GMT

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