The CEO of Hewlett-Packard Mark Hurd resigned from his post on Friday following an investigation that found out he falsified expense reports to hide a “close personal relationship” with a female contractor.
An article by Gabriel Madway and Alexei Oreskovic over at Reuters.com is reporting that the company’s shares plunged ten percent following the news. Mark Hurd was highly regarded with many believing him responsible of turning round HP fortunes after his predecessor Carly Fiorina’s reign.
The investigation was ordered after the unnamed contractor complained to the HP board that Hurd had sexually harassed her. It was found that Hurd had not broken HP’s sexual harassment policy but had a relationship with the woman that was never disclosed to the HP board.
It was discovered that Hurd filed “numerous inaccurate expense reports” that concealed his relationship with the woman who had received compensation and expense reimbursements without legitimate business reasons.
Hurd said his decision to resign was a “painful one, and added “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.”
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