The Securities and Exchange Commission has begun a far-reaching investigation into the circumstances surrounding former CEO and now Oracle executive Mark Hurd's departure from Hewlett Packard, the Wall Street Journal reported Tuesday.
The regulator is looking into claims that he may have passed insider information to a female contractor, who later became central to his resignation from HP. In addition, his use of corporate expense accounts will be studied: a matter which the HP board used in its efforts to get Hurd to step down.
HP has said it is fully cooperating with the SEC's investigation. A spokesperson for Hurd told the WSJ that it was "understandable" that the agency was looking into the matter, but maintained he "acted properly in all respects."
Both Oracle and the SEC declined to comment. It is unknown how far along the agency's investigation may be, or whether the SEC plans to file charges.
Hurd's exit caught many by surprise: in August Mark Hurd was pushed out of HP's top post following allegations of sexual harassment by the contractor, Jodie Fisher. Later, it was revealed he allegedly attempt to circumvent an internal investigation by moving to settle with Fisher on his own.
This all got even stranger when Hurd joined Oracle as its co-president a month later, a company whose freewheeling CEO Larry Ellison took HP to task in the New York Times a month earlier.
Copyright Betanews, Inc. 2010
