In a shocking series of developments, Mark Hurd, the CEO of HP has resigned after he was related with a woman and accused of pleasing her by giving financial rewards. The issue has raised a storm in the teacup as one of the most high profile CEO of the industry tenders his resignation to the management. Wife of Mark Hud seems to be greatly shocked over the development.
According to the statement released by the HP authorities, Mark Hurd has been accused of tampering with the financial documents by showing some increase in expenditure and diverted those funds to the woman concerned. He also forced the accounts people to pay her for the work which she never did. Eyebrows have been raised in the industry on how come a senior HP chief like Mark Hurd could behave in such an irresponsible manner.
Mark Hurd was named HP CEO in 2005 and can be widely credited for turning around the company after a sudden resignation of Carly Fiorina. Under his stewardship, the shares of the company went up by 136%. While leaving, Mark Hurd is going to take a huge payday with him. Experts are of the opinion that the amount of his payday may vary between $27 million to $40 million.
In the meantime, the HP Board has asked Chief Financial Officer Cathie Lesjak to continue as interim CEO, while the search committee is looking for a full time CEO. Many possible names are going around in the market as his successor.
The possible names are Sean Maloney, Scott McNealy and Steve Mills. Maloney is number 2 in Intel and Scott is unemployed now after acquisition of Oracle by Sun Microsystems. Steve Mills is considered to be the second most powerful executive in the global business operations of IBM. Any of them can be just brilliant as a CEO.
