Saturday, August 7, 2010

Mark Hurd rewarded

Former HP CEO Mark Hurd rewarded with a $40m division after being forced to resign over imitation expense reports

Nervous that former HP CEO Mark Hurd power not know what to do with himself after getting caught falsify expense reports to hide girl #2 and being forced to resign? Don't be: ol' Mark's getting a $12,224,693 disconnection payment in exchange for approving not to sue HP. Yep, Mark Hurd just got $12 million in cash for illegally file expense reports to hide his mistress -- not a bad trick if you can pull it off, we suppose. (We don't know how much he'll have to pay back, but we're guess he'll have a little cash left over.) Oh, and he's also having his option to buy 775,000 shares of HP stock extended to September, which is pretty groovy considering HP actually upped its quarterly calculate today, some other mixed stock-related reward, and 18 months of health and dental benefits. Whoever said a little white collar crime doesn't pay?

Update: CNBC has sources claim the total value of Hurd's severance including stocks is closer to $40-50 million, give or take. That's... well, that's a lot of ink cartridges.

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