HP Settles Lawsuit Against Hurd

Tuesday Sep 21st 2010 by Datamation.com Staff

HP's former CEO agrees to protect company secrets and give up some of his stock options.

NY Times: When Oracle announced that it had hired former HP CEO Mark Hurd, HP promptly sued saying that it would be impossible for Hurd to avoid violating the terms of his confidentiality agreement. Now the two sides have settled the lawsuit, with Hurd agreeing to protect company secrets and forfeiting some stock options that accounted for about half of his severance package.

Analysts say the agreement may help the two companies mend their stormy relationship. "H.P. and Oracle have been important partners for more than 20 years and are committed to working together to provide exceptional products and service to our customers,” said interim HP CEO Cathie A. Lesjak. “We look forward to collaborating with Oracle in the future.”

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