Following an internal investigation into a sexual harassment claim asserted against him and HP by his rumored mistress -- who also happens to be a former contractor to the company, HP CEO Mark Hurd today filed resignation from his post.
Here's a section of a letter sent to all HP employees by HP CFO and Interim CEO, Cathie Lesjak, regarding the disgraceful issue involving their ex-CEO:
[...] The investigation was conducted by outside counsel in conjunction with HP's General Counsel's office and was overseen by the Board. Based on the investigation it was determined that the former contractor's claim of sexual harassment was not supported by the facts.
The investigation did reveal, however, that Mark had engaged in other inappropriate conduct. Specifically, based on the facts that were gathered it was found that Mark had failed to disclose a close personal relationship he had with the contractor that constituted a conflict of interest, failed to maintain accurate expense reports, and misused company assets. Each of these constituted a violation of HP's Standards of Business Conduct, and together they demonstrated a profound lack of judgment that significantly undermined Mark's credibility and his ability to effectively lead HP. [...]
As we regularly remind all employees, each of us is expected to adhere strictly to the Standards of Business Conduct in all of our business dealings and relationships. This expectation applies with even greater force to HP's CEO and other senior executives who, given their positions, must set the highest standard for professional and personal conduct. The investigation that was conducted revealed that Mark had failed to meet this standard.[...]
Worried about what will happen to Mark after this scandalous debacle? Don't be. CNBC sources claim that Hurd will receive a severance package valued at around $40-50 million in exchange for agreeing not to sue HP.