HP and Oracle 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. CNBC reported that no money changed hands as part of the settlement but that Hurd may have forfeited some of the stock he was entitled to as part of his departure from HP. Oracle and HP share more than 140,000 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.
Oracle hired Hurd as Co-President and named him to the Board of Directors on September 7th. HP filed suit shortly after, claiming breach of contract and misappropriation of trade secrets.