Did Hewlett-Packard just want a new CEO?
Today's column is about Mark Hurd, the Hewlett-Packard boss who resigned in disgrace after fiddling his expense accounts and hanging out with a former contestant from a reality dating show on NBC.
Patrick Thibodeau suggests that perhaps HP's board wanted to get rid of Hurd anyway and just used the Jodie Fisher episode as an excuse. Thibodeau:
Hurd's chief task at HP became surviving the recession and preparing the company for growth. He cut thousands of employees and worker salaries across the board. The company consolidated its own operations, taking 85 data centers down to six.It was tough and scarring work, and the company may have wanted a new face to lead a leaner HP.
Hurd's focus on operations may have run its course
The board may have been asking itself whether Hurd was the best person to integrate HP's recent string of acquisitions -- including Palm and 3Com -- and keep ahead of the industry's fast pivot to mobile, Android and the cloud. It wants an innovator.
Comments
Yes, they wanted a new CEO. This is just a face-saving cover story to spare Mark the embarrassment of being fired and the board the embarrassment of hiring a one-trick pony in the first place. (They fired their last CEO pick, so another firing would not look good for them)
With this story, the board takes the moral high ground, Mark plays the faithful husband (no sex) tripped up by a forgiveable expenses gaffe, and the "sexually harassed" actress shows puzzling remorse - once she gets paid!
Everybody wins, except the shareholders.
Posted by: Observer | August 10, 2010 9:54 AM
HP has a much higher standard on ethics & integrity than Symantec. Sign…
As I have reported to Symantec Ethics about David Freer’s (VP, Symantec – Norton, APJ) misconducts (fraud, having dissented sex with me as he lied, using company resources for personal benefits – hundreds hours phone calls, hanging out with me during office hours, negative impacts on Symantec corporate image), what they do surprise me too. They basically ignore – never process the investigation, covering the serial lying & cheating criminal up, then threaten me. As Warren Buffet said when he decides which company is worth to invest, he values the CEO’s ethic and integrity the most. Being a senior management, David Freer shall walk the talks, instead he has set up a terrible example. How dare Symantec always campaign the company itself as defeat cyber criminals, but in the real world, Symantec acts just like robbers, mafia, & criminals. How ironic!
Posted by: strelaoz | August 10, 2010 10:40 AM
Given the man's $40M golden parachute, this is a strong case to give voting rights to the masses that own most of their stock through 401ks or IRAs but are disenfranchised under the current rules.
Posted by: Josh Dowlut | August 10, 2010 2:44 PM
Shareholders need to mandate an audit to ensure there is no other risk from these actions. They also need to replace the BOD and sue Hurd and Fisher for the money they stoled and damages.
Posted by: ITS | August 11, 2010 1:28 AM