Photo: Associated Press
After less than two weeks, HP has decided to pull its lawsuit against Oracle over the hiring of Mark Hurd. In a release announcing the end of the lawsuit, HP says Hurd, “will adhere to his obligations to protect HP’s confidential information while fulfilling his responsibilities at Oracle.”
We’re not sure how that’s possible since Hurd plotted HP’s business plan and is now working for a rival, but the lawsuit was a stretch to begin with.
Kara Swisher at All Things D reports Larry Ellison, CEO of Oracle, approached HP board member Marc Andreessen to settle the Hurd matter. As part of the settlement, Hurd is giving back options on some HP stock–part of the $40+ million HP paid him to leave the company peacefully.
Here’s the release:
HP and Oracle Corp. today reaffirmed their long-term strategic partnership and the resolution of litigation regarding Mark V. Hurd’s employment at Oracle. While the terms of the settlement are confidential, Mr. Hurd will adhere to his obligations to protect HP’s confidential information while fulfilling his responsibilities at Oracle. The agreement also reaffirms HP and Oracle’s commitment to delivering the best products and solutions to their more than 140,000 shared customers.
“HP and Oracle have been important partners for more than 20 years and are committed to working together to provide exceptional products and service to our customers,” said Cathie Lesjak, chief financial officer and interim chief executive officer, HP. “We look forward to collaborating with Oracle in the future.”
“Oracle and HP will continue to build and expand a partnership that has already lasted for over 25 years,” said Oracle CEO Larry Ellison.