Mark Hurd has resigned his post as CEO and President of HP after an investigation into a sexual harassment claim by a former contractor. According to the press release issued by HP, Hurd did not violate HP’s sexual harassment policy, but he did violate the company’s Standards of Business Conduct.
Said violations stemmed from inaccurate expense reports and CFO Cathie Lesjak has been appointed interim CEO.
“As the investigation progressed, I realized there were instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP and which have guided me throughout my career,” said Hurd. “After a number of discussions with members of the board, I will move aside and the board will search for new leadership. This is a painful decision for me to make after five years at HP, but I believe it would be difficult for me to continue as an effective leader at HP and I believe this is the only decision the board and I could make at this time. I want to stress that this in no way reflects on the operating performance or financial integrity of HP.
“The corporation is exceptionally well positioned strategically,” Hurd continued. “HP has an extremely talented executive team supported by a dedicated and customer focused work force. I expect that the company will continue to be successful in the future.”