Hewlett-Packard (HP) and Oracle have settled the lawsuit concerning former HP CEO Mark Hurd joining Oracle at a court in California.
HP had filed a lawsuit against its former CEO immediately after he joined database software developer Oracle two weeks ago, preventing Hurd from starting his new job.
The suit claimed that Hurd was violating an agreement signed when he joined HP, preventing him from joining a competitor.
On Monday, both the industry giants announced settlement over Hurd’s issue.
Although most of the details about the settlement have not been disclosed, the organisations in a joint statement announced that Hurd will continue to protect HP’s trade confidentiality while working at Oracle.
“Oracle and HP will continue to build and expand a partnership that has already lasted for over 25 years. We have been important partners and are committed to working together to provide exceptional products and service to our customers,” said the chief financial officer and interim CEO at HP, Cathie Lesjak, following the settlement.
As a part of settlement, Hurd has decided to give away his rights to 346,030 shares of HP entitled under an agreement when he resigned from the company.