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HP Sues Former CEO Mark Hurd

Hewlett-Packard is suing its former chairman and CEO, Mark Hurd, alleging breach of contract and potential misappropriation of trade secrets. Hurd left the company under a cloud last month, after allegations that he was involved in a number of improprieties related to a human resources consultant the company hired. Under an agreement with HP, Hurd left the company — taking with him a $40-million severance package — but the former HP executive was quickly snapped up by Oracle, which today announced that he will become co-president of the database company. Oracle founder and CEO Larry Ellison is a friend of Hurd’s, and was a prominent supporter of the former HP CEO after the news broke about his departure.

In the statement of claim filed today, HP says that:

"Despite being paid millions of dollars in cash, stock and stock options in exchange for Hurd’s agreements to protect HP’s trade secrets and confidential information during his employment and following his departure from his positions at HP as Chairman of the Board, Chief Executive Officer and President, HP is informed and believes and thereon alleges that Hurd has put HP’s most valuable trade secrets and confidential information in peril.

Hurd accepted positions with Oracle Corp., a competitor of HP, yesterday as its President and as a member of its Board of Directors. In his new positions, Hurd will be in a situation in which he cannot perform his duties for Oracle without necessarily using and disclosing HP’s trade secrets and confidential information to others."

What your too cent on the matter? Should HP have sued?

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