Latest in 8-k

Image credit:

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

Nilay Patel
08.06.10
Share
Tweet
Share
Save

Sponsored Links

Worried that former HP CEO Mark Hurd might not know what to do with himself after getting caught falsifying expense reports to hide girl #2 and being forced to resign? Don't be: ol' Mark's getting a $12,224,693 severance payment in exchange for agreeing not to sue HP. Yep, Mark Hurd just got $12 million in cash for fraudulently filing expense reports to conceal 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 guessing 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 forecast today, some other assorted stock-related compensation, and 18 months of health and dental benefits. Whoever said a little white collar crime doesn't pay?

Update: CNBC has sources claiming 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.



All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Share
Tweet
Share
Save

Popular on Engadget

Engadget's Guide to Privacy

Engadget's Guide to Privacy

View
Ask Engadget: How can I improve my rural internet?

Ask Engadget: How can I improve my rural internet?

View
Amazon Prime perks now include mobile game add-ons

Amazon Prime perks now include mobile game add-ons

View
Yamaha updates its THR desktop guitar amps for the first time in years

Yamaha updates its THR desktop guitar amps for the first time in years

View
iFixit's iPhone 11 Pro Max teardown investigates charging rumors

iFixit's iPhone 11 Pro Max teardown investigates charging rumors

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr