Tuesday, September 7, 2010

HP sues ex-CEO Hurd over new job at rival Oracle

Hewlett-Packard (NYSE:HPQ) Tuesday filed a lawsuit against former CEO Mark Hurd over potential damages he could cause in his new position as co-president of Oracle (NSDQ:ORCL).

HP alleges in the lawsuit that Hurd, in his new role at Oracle, would not be able to avoid using HP trade secrets to compete with HP, and that "HP has been injured and faces irreparable injury."

More Here.

Of course, Oracle finds this entertaining:

"Oracle called Hewlett-Packard's lawsuit against its former CEO "vindictive" and said it threatened the companies' close relationship.

The lawsuit followed Mark Hurd's resignation from HP last month and Oracle's announcement on Monday that it had hired Hurd as one of its co-presidents. HP said Hurd's employment at Oracle violated the terms of his severance agreement with HP and raised confidentiality issues.

"Oracle has long viewed HP as an important partner," Oracle CEO Larry Ellison said in a statement. "By filing this vindictive lawsuit against Oracle and Mark Hurd, the HP board is acting with utter disregard for that partnership, our joint customers, and their own shareholders and employees. The HP Board is making it virtually impossible for Oracle and HP to continue to cooperate and work together in the IT marketplace."

Here.

Delicious, simply, delicious...


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