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."

Comments

What I could do with $just 1,000,000

[bogaboga]

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.

Re:What I could do with $just 1,000,000

[McGiraf]

God did not gave him a dime.

Re:What I could do with $just 1,000,000

[Mikkeles]

'Regardless of the rest of the settlement or even the rest of his money, 14 mil would have me sizing up early retirement.'

And that's why you don't have 14 mil! ;^) You'd probably rather enjoy life in your own way (and have other interests) than only work at a job.

Re:What I could do with $just 1,000,000

[dunezone]

People like this man Hurd should be thankful to God for enabling the possibility for making millions come to light.

The money is not what drives Hurd. At this point its about having power and control, being considered a higher class worker or member of society, that's what drives him, he's already wealthy.

Wealth drives the poor to work. Power drives the wealthy.

Politicians are perfect examples, Richard Burris is a perfect example, already a well established Chicago politician who didn't need the paycheck from being senator, he just wanted the senate seat to fulfill his power drive.

Re:What I could do with $just 1,000,000

[damn_registrars]

Seriously. I mean, how do you get to the mental state that you give up 14 million in order to get into another job?

He will make a lot more than $14M before he retires from Oracle...

Re:What I could do with $just 1,000,000

[Anonymous Coward]

Yeah! Just like Santa enabled the possibility for christmas presents!

Re:What I could do with $just 1,000,000

[El_Muerte_TDS]

People like this man Hurd should be thankful to God for enabling the possibility for making millions come to light.

I always find it funny when religion people would thank God for their success. If they even did some research into their own religion they would know what God isn't the deity that would grant wishes and hand out things like success. If anything it would be the other party that does it (usually in return for souls and what not).

Oh - good!

[no-body]

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 ?

Severance Packages

[Sonny Yatsen]

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.

Re:Severance Packages

[blind biker]

Actually, Hurd was ousted for fraud. The sexual harassment is unproven (and from what I've read, most likely untrue allegation), but his fraudolent behavior is more than bad enough to warrant the loss of confidence of the HP shareholders.

Re:Severance Packages

[Mongoose Disciple]

Sexual Harassment is a crime, and unless/until he is convicted of it, he didn't do it, and there was no wrongdoing. ... legally.

Unless you think it's ethical for me to murder you as long as I don't get caught?

Re:Re-affirm their vows?

[Chrisq]

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..

It got to me an ugly threesome when Oracle took Sun into the family home though. HP was no longer the manufacturer of the prestige exadata server.

$14 million

[DrXym]

I guess that means he can have 28 chicks at once!

big picture

[Hadlock]

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.

Giving up his stock...

[skogs]

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.