Ex-HP CEO Hurd Pays $14 Million Oracle Pledge Fee
theodp writes "Valleywag reports that ousted HP CEO Mark Hurd is paying dearly to roll with Oracle, giving up millions of dollars to settle the HP lawsuit that threatened to prevent him from working at his new job. Hurd will forfeit about 345,000 restricted HP shares that he was given as part of his HP exit package, which had a market value of $13.6 million. In addition to announcing the truce against the backdrop of Oracle's OpenWorld conference, HP and Oracle also reaffirmed their vows to each other."
Really? Are they uh.. well I didn't know, that they were so close. Married, as it were. I guess when two companies love each other..
I have always wondered what I could do with just $1,000,000. When I hear folks making millions per year, I rethink my strategy to enable me make just a million.
It has never worked! But I am not down yet. The trouble is I am closely getting to my fifties with almost no hope in sight and my mortgage still has 21 years left on it.
My investments need lots of prayer and luck. It looks like I might end up a 'dirty' old retiree. People like this man Hurd should be thankful to God for enabling the possibility for making millions come to light.
Now, that he "renounces" all that dough - how many regular people have to work less to pay for the cream of the crop up there?
That's one text I'd like to put on a bumper sticker: How many people does it take to pay a C?O ?
It always seems a bit perverse that outgoing executives are rewarded so lavishly when being ousted for wrong-doing. Hurd (allegedly) sexually harassed a woman and he got a $14 million+ payday out of it. I'm not going to cry for him if he has to give it up.
My postings are informational and does not constitute legal advice. Act on it at your risk.
RMS doesn't have that much money and GNU/Hurd isn't worth a cup of coffee.
Who are these open source zealots kidding nowadays?
At some point it stops being about money, it's more like a game.
As the summary stated, he's forfeiting shares of stock that are worth millions. This is bonus money that he is essentially declining; he's not writing anyone a check for $14M.
And of course, he is still paid handsomely on top of that anyways.
Damn_registrars has no butt-hole. Damn_registrars has no use for a butt-hole.
Hurd now has NO incentive to make sure HP's value continues to rise. He can easily sabotage their partnership without direct hardship to himself. They should have asked for a multi-year vesting period instead.
That would be home made Kombucha.
Gotta spend money to make money
/./.
I've started to wonder, just how annoying, obnoxious and asshole-ish do I have to be to get someone to pay me tens of millions to leave?
Because I'll study, I'll practice! Just tell me now, how irritating do I need to get that 35 million to have me leave the building is a good plan?
I guess that means he can have 28 chicks at once!
"HP and Oracle also reaffirmed their vows to each other."
It sounds like a celebrity marriage on the rocks!
I know I put that tiniest violin in the world down here somewhere...
Gentoo Linux - another day, another USE flag.
14 Million isn't a whole lot if you look at the big picture. Sure, he's giving up 14 million to leave HP, but remember he left HP with ~$30 million severance, and has a salary of $1 million with a bonus cap of $10 million, and receives 35 million shares of oracle stock (cumulative) over five years which alone is worth at least $35 million dollars.
I mean, yeah, $14 million is a lot of money I wouldn't want to give up at my current pay rate, but over five years he stands to make $90 million dollars at Oracle, and doesn't have to collect unemployment.
moox. for a new generation.
So, he will have even less incentive to NOT hurt HP. The stocks might have given some incentive and/or conflict of interest when faced when challenging HP in any way. Now he can can freely use his ~*amazing*~ competative knowledge against them.
Interesting way to settle a lawsuit. I'm curious how this will play out during the next 10 years with government and large contracts.
Who is this that even the wind and the waves obey Him? Surely this computer must submit also!
I guess if you've already been duped by the special interests with the big pockets, you could already be doing that. Many middle to lower income people have been duped into dressing as a parody of native americans to throw tea into bodies of water as they march toward the poverty line.
On this globe, today, making these huge sums these media and business celebrities make..you can't get there without being a total asshole bastard. All those people are unscrupulous jerks, psychopaths. Those people are demons, evil.
If you value honesty and integrity...be happy with what you have.
I'm probably older than you, and also probably "make less money". I know I have turned down ways to make more money rather than compromise my position, even if it only applies to inside my own head/heart/soul.
To hell with the money and always wanting more and never being satisfied, it just ain't worth it.
Noncompete's unenforcible? Eat niggerdick you shitcocks!