Don't miss

Replay


LATEST SHOWS

IN THE PRESS

Emmanuel Macron and Donald Trump: Strategic BFFs?

Read more

EYE ON AFRICA

Former Liberian warlord sentenced to 30 years in US prison

Read more

MEDIAWATCH

Fans and players react online to Arsene Wegner's club departure

Read more

THE WORLD THIS WEEK

Suspected chemical attack in Syria: Gunfire delays deployment of inspectors

Read more

FRANCE IN FOCUS

Cashing in on local French currencies

Read more

YOU ARE HERE

Life on the canals of northern France

Read more

INSIDE THE AMERICAS

What lies ahead for Cuba after the Castros?

Read more

#TECH 24

Discovering and harnessing the power of the sun

Read more

DOWN TO EARTH

Can France bid 'adieu' to popular weedkiller glyphosate?

Read more

Business

HP sues former CEO Hurd to keep trade secrets safe

Text by News Wires

Latest update : 2010-09-08

US computer manufacturing giant Hewlett Packard has filed a complaint against former CEO Mark Hurd who on Monday joined the board of directors at software company Oracle. HP believes the hiring by its competitor puts HP's trade secrets "in peril".

AFP - US computer titan Hewlett-Packard filed suit against former chief executive Mark Hurd on Tuesday after he was named a co-president at US business software giant Oracle.
  
In a civil complaint filed in California Superior Court, HP said that Hurd would be putting the company's "most valuable trade secrets and confidential information in peril" by working at Oracle.
  
HP's suit said Hurd had been paid "millions of dollars in cash, stock and stock options" in exchange for agreeing to "protect HP's trade secrets and confidential information during his employment and following his departure."
  
"HP intends to enforce those agreements," the company said in a statement.
  
HP's suit charged that "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."
  
HP asked the court to prevent Hurd from holding a position at a competing company.
  
Hurd, 53, resigned as HP's CEO last month after a sexual harassment probe uncovered subterfuge with company expenses.
  
The investigation found he had not broken harassment rules, but was in breach of HP's "standards of business conduct."
  
Hurd was named co-president of Oracle on Monday and also given a seat on the board of directors of the company.
  
"Mark did a brilliant job at HP and I expect he'll do even better at Oracle," Oracle chief executive Larry Ellison said in a statement. "There is no executive in the IT world with more relevant experience than Mark."
  
Oracle said the company's other co-president, Charles Phillips, was leaving the company and stepping down from the board.
  
Hurd said he was "excited to be a part of the most innovative technology team in the IT industry."
  
"I believe Oracle's strategy of combining software with hardware will enable Oracle to beat IBM in both enterprise servers and storage," he said.
  
HP shares fell 1.04 percent on Tuesday to close at 39.92 dollars while Oracle shares gained 5.87 percent to 24.26 dollars.

Date created : 2010-09-08

  • TECHNOLOGY

    Former Hewlett-Packard CEO given second life at Oracle

    Read more

COMMENT(S)