Oracle To Pay Hurd $950,000 Per Year

Oracle will to pay is new co-president and former Hewlett-Packard (HP) CEO Mark Hurd an annual salary of $950,000.

He is also set to receive bonuses up to $10 million per annum.

In a filing with the Securities and Exchange board, the company also said that the former HP CEO will also be eligible to purchase 10 million shares when he starts at Oracle, and will be able to purchase 5 million shares every year for the next five years.

The news comes after HP filed a lawsuit against Hurd for violating a confidentiality agreement when he joined rival Oracle as co-president.

Hurd, who is considered to be the most efficient CEO HP of recent times, was forced to resign from the company after an internal probe had established that he had submitted falsified expense claims to cover up a relationship with a contractor.

Oracle CEO Larry Ellison was one of the biggest supporters of Hurd when the news first broke, and had criticised the HP board for forcing Hurd out.