HP CEO, Mark Hurd, Resigns
HP CEO Mark Hurd has resigned, leaving CFO Cathie Lesjak to run the company on an “interim basis.” The reason for quitting? He was told to leave by legal counsel due to an investiagtion of sexual harassment against him by an outside contractor. According to the press release, “the investigation determined there was no violation of HP’s sexual harassment policy, but did find violations of HP’s Standards of Business Conduct.”
Hurd said: “As the investigation progressed, I realized there were instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP and which have guided me throughout my career. After a number of discussions with members of the board, I will move aside and the board will search for new leadership. This is a painful decision for me to make after five years at HP, but I believe it would be difficult for me to continue as an effective leader at HP and I believe this is the only decision the board and I could make at this time. I want to stress that this in no way reflects on the operating performance or financial integrity of HP.”
HP also announce preliminary third quarter financials. They are up 11% compared to the same quarter last year with revenue of about $32.7 billion. Sexual harassment cases notwithstanding, at least Hurd raised the company out of the doldrums this year and spearheaded the Palm acquisiton.
Compensation
In 2008, Hurd’s total compensation was $33,952,237, including a base salary of $1,450,000, stock award of $7,907,660, cash bonus of $23,931,882, and $662,695 in perquisites and other compensation. It was the largest bonus of any CEO in 2008, although Hurd himself implemented wage freeze on the employees.
In 2009, Hurd made a total of $24,201,448, including a base salary of $1,268,750, stock award of $6,648,092, cash bonus of $15,809,414 and $475,192 in benefits and other compensation. Hurd said he believes in what he calls “pay for performance”, such that employees have a substantial part of their salaries “at-risk”, which gets paid only when the company’s performance measures up.
sources: Wikipedia and CrunchGear
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In: Business Stories · Tagged with: 192, Base Salary, Business Conduct, Cash Bonus, Ceo Mark, Doldrums, Effective Leader, Financial Integrity, Hp Ceo, Hp Hp, Instances, Interim Basis, Legal Counsel, Lesjak, Mark Hurd, Painful Decision, Quarter Financials, Sexual Harassment Cases, Sexual Harassment Policy, Wage Freeze
BILL FORD RETROACTIVELY PAID FOR WORK AS CHAIRMAN
By Mark Kleis
Following five consecutive quarters of profitable growth, Bill Ford Jr. will finally end his five-year wage freeze, being paid a $4 million salary and in stock options worth $11-12 million, according to the Associated Press. The compensation covers Bill’s work for the last two years, retroactively.
“The ongoing success of Ford Motor Company is my life’s work and I am fully confident we are on track for sustained profitable growth through our commitment to building great products, a strong business and a better world,” Bill Ford said in an e-mail to Ford employees, obtained by the AP.
Bill Ford filed with the SEC today to sell $28 million in stock, which he explained to employees was being done in order to pay off personal loans he had taken in order to purchase Ford stock.
Ford also announced that he will be donating $1 million of his new payment towards the scholarship fund for Ford Motor Company employees’ children.
Prior to today’s compensation, the last payment the chairman received was a stock award in March of 2006, of which Bill donated the proceeds in their entirety to the same scholarship fund.
source: leftlanenews
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In: Business Stories · Tagged with: Automaker, Bill Ford, Chairman Bill, Consecutive Quarters, E Mail, Executive Chairman, Ford Employees, Ford Motor, Ford Motor Company, Ford Stock, Fund Source, Kleis, Personal Loans, Profitability, Profitable Growth, S Automotive, Salary Information, Scholarship Fund, Stock Ford, Stock Options
Facts About Sexual Harassment
Sexual harassment is a form of sex discrimination that violates Title VII of the Civil Rights Act of 1964.
Unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature constitutes sexual harassment when submission to or rejection of this conduct explicitly or implicitly affects an individual’s employment, unreasonably interferes with an individual’s work performance or creates an intimidating, hostile or offensive work environment.
Sexual harassment can occur in a variety of circumstances, including but not limited to the following:
- The victim as well as the harasser may be a woman or a man. The victim does not have to be of the opposite sex.
- The harasser can be the victim’s supervisor, an agent of the employer, a supervisor in another area, a co-worker, or a non-employee.
- The victim does not have to be the person harassed but could be anyone affected by the offensive conduct.
- Unlawful sexual harassment may occur without economic injury to or discharge of the victim.
- The harasser’s conduct must be unwelcome.
It is helpful for the victim to directly inform the harasser that the conduct is unwelcome and must stop. The victim should use any employer complaint mechanism or grievance system available.
When investigating allegations of sexual harassment, EEOC looks at the whole record: the circumstances, such as the nature of the sexual advances, and the context in which the alleged incidents occurred. A determination on the allegations is made from the facts on a case-by-case basis.
Prevention is the best tool to eliminate sexual harassment in the workplace. Employers are encouraged to take steps necessary to prevent sexual harassment from occurring. They should clearly communicate to employees that sexual harassment will not be tolerated. They can do so by establishing an effective complaint or grievance process and taking immediate and appropriate action when an employee complains.
See also: How To File A Charge of Employment Discrimination
source: EEOC
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In: On The Job Advice · Tagged with: Case Basis, Civil Rights Act, Civil Rights Act Of 1964, Discrimination That Violates Title, Economic Injury, Eeoc, Grievance Process, Grievance System, Harasser, Harassment In The Workplace, Offensive Conduct, Offensive Work Environment, Sex Discrimination, Sexual Harassment In The Workplace, Sexual Nature, Title Vii Of The Civil Rights Act, Unlawful Sexual Harassment, Unwelcome Sexual Advances, Work Performance, Workplace Employers
