SEC probe makes sense, says Hurd spokesman

Dec. 21, 2010 at 3:19 PM
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PALO ALTO, Calif., Dec. 21 (UPI) -- A spokesman for Mark Hurd, said U.S. regulators were right to look into the executives' departure from Hewlett-Packard, but said he had done nothing wrong.

Hurd, the former chief executive officer at the 12th largest technology company, "acted properly in all respects," spokesman Glenn Bunting said, the San Jose, Calif., Mercury News reported Tuesday.

But Bunting said, "It is understandable that the Securities and Exchange Commission is looking into the events surrounding Mark's departure, which was followed by a precipitous drop in the value of HP's stock."

Before Hurd resigned at HP stock was selling above $46. It is currently selling at under $42.

Hurd's quick departure from HP was also accompanied by media reports of a relationship with former marketing contractor Jodie Fisher.

The scandal surfaced five weeks before Hurd resigned. HP said Hurd had not violated company policy, but also said the executive had shown "a profound lack of judgment" in his involvement with Fisher.

Hurd paid Fisher an undisclosed figure to drop sexual harassment charges and Fisher, later, recanted her story.

It was also alleged that Hurd had submitted false expense accounts, some of them involving dinners with the contractor, and that he had disclosed to her, two months ahead of a public announcement, that HP was thinking of buying Electronic Data Systems.

It has not been demonstrated that anyone profited from the disclosure, the newspaper said.

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