HP shareholders take aim at Mark Hurd

Hewlett-Packard is looking to investigate its former chief executive, Mark Hurd, bowing to shareholder pressure to uncover the details surrounding his forced departure last year.

Hurd, who was forced out of his position over sexual harassment allegations and erroneous expense reports, received a $12.2 million cash payout and has filed papers to sell nearly $30 million worth of stocks that that were part of his severance.

Now HP will investigate what share holders are calling corporate waste, according to a Jan. 14 San Jose, Calif court filing.

The new investigation would be conducted by a committee of HP directors and by lawyers not involved in the shareholder litigation, according to the filing.

The latest development comes as the United States Securities and Exchange Commission is already probing whether Hurd passed information about HP's $13.9 billion takeover of Electronic Data Systems Corp. to a former HP event hostess in 2008.

Hurd has denied any wrongdoing.

During his 5 year tenure at HP, Hurd boosted the company's profit in the personal computer space and increased its presence in IT services and other markets.

Shares of HP were down 27 cents at $46.05 in Thursday morning trade on the NYSE.