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This is to advise you that Mark Hurd, chairman and CEO of HP, has
resigned from the company effective immediately. Mark's resignation was
submitted at the request of the company's board of directors as a result of
inappropriate behavior in which he engaged that violated HP's Standards of
Business Conduct and undermined his ability to continue to lead the
company.
At the request of the board, I have agreed to serve as interim CEO until a
new, permanent CEO is hired. During this time I also will continue to
perform my duties as CFO. The board has formed a committee to undertake
a search for a new CEO, and candidates from inside the company as well as
outside the company will be considered. I have informed the board,
however, that I do not wish to be considered for the role of permanent CEO,
and I have removed myself from being a candidate for that position.
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 (PDF),
and together they demonstrated a profound lack of judgment that
significantly undermined Mark's credibility and his ability to effectively lead
HP.