PALO ALTO, Calif., Aug. 6 (UPI) -- Hewlett-Packard Chairman Mark Hurd resigned Friday, acknowledging he "did not live up to the standards and principles I have espoused."
The resignation followed an investigation into charges of sexual harassment but there was no finding Hurd violated HP's sexual harassment policies. However, there was evidence he filed inaccurate expense reports, The Wall Street Journal reported.
The investigation focused on Hurd's personal relationship with an outside contractor while the contractor was providing marketing services to HP, the newspaper said. The contractor's name was not reported.
Investigators concluded Hurd filed "numerous" inaccurate expense reports and violated the company's "standards of business conduct."
"As the investigation progressed, I realized there were instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP and which have guided me throughout my career," Hurd said in announcing his resignation as chairman and chief executive officer.
HP executive Robert Ryan said Hurd's departure was due only to his behavior not to his job performance.
Hurd had taken over the money-losing company in 2005 when it was trying to recover from a scandal that included charges of spying on journalists and its own board members, the Journal said.
After slashing jobs and real estate expenses, Hurd positioned the company into an information technology giant, with earnings more than doubling on 32 percent revenue growth in the fiscal years between October 2005 and October 2009.