After the close of market on Friday, HP announced the resignation of CEO Mark Hurd following an investigation into allegations of sexual harassment against him by a former company contractor. HP says the investigation found no violation of HP's sexual harassment policy, though it did determine there were violations of its Standards of Business Conduct.
According to HP General Counsel Michael Holston, some inaccurate expense reports of Hurd's revealed an undisclosed "close personal relationship" with a marketing contractor and "demonstrated a profound lack of judgment."
Looking for a Replacement - Some Options:
Some stories have mentioned potential candidates. Names being floated include:
> Todd Bradley, executive vice president of the personal systems group at HP, who was previously CEO of handheld computer company Palm Inc.
> Ann Livermore, executive vice president of the HP enterprise business at HP, where she has worked since 1982
> Michael Capellas, the former CEO of Compaq who briefly stayed at HP after the merger, did a stint as CEO of First Data, and is now the front man for the Cisco and EMC Virtual Computing Environment (VCE) coalition (Thanks, Marty D, for the correction!.
Over at TechCrunch, MG Siegler wrote a post titled: "If HP Really Wants To Be Apple, Here’s Their Shot. What About Rubinstein?"
Again, it seems a bit far-fetched simply because there are a range of other candidates out there who are probably more qualified to run the company as it is currently constituted. But that's the thing. From what we've been hearing, HP is very interested in reinventing itself. From what we're hearing, they'd like to be more like Apple. Only a bigger Apple. One with webOS at its core. And you know the funny thing? They may have acquired the perfect guy to do that when they bought Palm this past April: Rubinstein.
Interesting ponderable...
Also notable is that along with Hurd's resignation, HP decided to release preliminary third-quarter results and raise financial estimates for the full year.
For the current quarter, HP expects to report earnings per share of 75 cents. For the final quarter of the year, the company estimates that revenue will be between $32.5 billion and $32.7 billion, with earnings per share between $1.03 and $1.05.
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