On Aug. 6, 2010, Mark Hurd stepped down as chairman, president and chief executive officer of Hewlett-Packard Company. His resignation was at HP’s request. He was provided, among other things, a severance payment of approximately $12 million. Today’s column considers whether the severance payment, given the circumstances involved in Mr. Hurd’s departure, can be reconciled with the HP Severance Plan for Executive Officers pursuant to which it was paid. Specifically, the question is whether the separation qualified as one “not for cause,” a condition to payment under that plan.
A severance of another HP CEO, Carly Fiorina, involving entirely different circumstances, was the subject of this column on March 24, 2005.
The Background
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