By Gautham Nagesh - 09/20/10 09:56 PM EDT
Hewlett-Packard announced Monday it has settled a lawsuit over Oracle's hiring of former chief executive Mark Hurd, who resigned from HP last month after alleged improprieties involving an HP contractor.
Oracle chief executive Larry Ellison hired Hurd as co-president earlier this month after blasting his resignation from HP, calling it the worst personnel decision since the board of Apple fired Steve Jobs in 1985. HP responded by filing a lawsuit the next day, alleging Hurd had breached the confidentiality requirements in his separation agreement by taking the job at Oracle.
According to the terms of the settlement, Hurd will waive the remaining compensation due to him as part of his separation agreement, more than 346,000 restricted stock units. He will still be bound by the agreement to not to disclose HP's proprietary information while at Oracle, according to a joint statement from both companies.
“HP and Oracle have been important partners for more than twenty years and are committed to working together to provide exceptional products and service to our customers. We look forward to collaborating with Oracle in the future,” said interim HP CEO Cathie Lesjak.
Ellison said in a brief statement that the two companies will "continue to build and expand a partnership that has already lasted for over 25 years."