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HP and former CEO reach settlement

09-21-2010 11:25 BJT

SAN FRANCISCO, Sept. 20 (Xinhua) -- Hewlett-Packard Co. (HP) and Oracle Corp. on Monday announced that they have resolved a litigation regarding Oracle's hiring of Mark Hurd, the former CEO of HP.

"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 two companies said in a joint statement.

Hurd resigned on Aug. 6 following an investigation into claims of sexual harassment brought up by a former HP contractor.

Oracle announced on Sept. 6 that Hurd has joined the company as co-president and has been named to its board of directors.

HP then sued Hurd in an attempt to block him from taking the Oracle job, claiming that Hurd is violating agreements designed to protect HP's trade secrets and confidential information.

While announcing the resolution of the lawsuit, HP and Oracle executives also reaffirmed their commitment to long-term strategic partnership between the two Silicon Valley companies.

"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," Cathie Lesjak, chief financial officer and interim CEO of HP, said in a statement.

"Oracle and HP will continue to build and expand a partnership that has already lasted for over 25 years," said Oracle CEO Larry Ellison.

Editor:Xiong Qu |Source: Xinhua

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