Mark Hurd And HP Settle Scores

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SAN FRANCISCO (GaeaTimes.com)- The business world was stunned to hear the news that the Hewlett-Packard Company’s CEO Mark Hurd resigned on August 6, 2010. The former CEO of HP was ousted from his post when the officials found out that he filed inaccurate expenses. Later Mark Hurd joined Oracle Corporation as the company’s co-president. However, just a day after he joined Oracle Corporation, HP filed a lawsuit against him for breach of confidentiality agreements. A reputed media source recently reported that Mark Hurd and HP have settled scores and under the deal, the former CEO of HP will pay the company shares worth $30million that were given to him during the partition.

The deal maintains that Mark Hurd would keep “obligations” to protect HP’s confidential information while fulfilling his responsibilities at Oracle Corporation. Previously HP officials said that Mark Hurd agreed and signed agreements which were made to protect HP’s trade secrets and confidential information. HP then wanted to enforce the agreements on Mark Hurd by filing a lawsuit in Santa Clara Superior Court. HP previously feared that Mark Hurd will not be able to perform his duties as a co-president in Oracle Corporation without spilling the beans about HP’s confidential secrets.

This lawsuit was, however, criticized by Oracle Corporation CEO Larry Ellison who released a statement where it was maintained that the “vindictive” lawsuit against Oracle Corporation and Mark Hurd, HP has acted in “disregard” for the partnership between the two companies. However, after Mark Hurd and HP settled on the legal terms, Cathie A. Lesjak, the chief financial officer and interim chief executive officer at H.P. said in her statement that H.P. and Oracle Corporation have been important partners for more than 20 years and are “committed” to working together to provide “exceptional products” and “service” to their customers.