Mark Hurd planned to sell $30 million in Hewlett-Packard stock on Aug. 23, less than three weeks after resigning as HP CEO, Bloomberg reported.
Citing the Washington Service, which tracks insider transactions, Bloomberg said Hurd filed with the Securities and Exchange Commission to sell 775,000 shares. The filing said the sale was to be completed Aug. 23 but did not indicate whether it went through as planned on that date.
However, the same scandal that cost Hurd his job Aug. 6 also cost him a bundle. The filing indicated that Hurd was selling shares for $39.04 each. Prior to an internal investigation that concluded Hurd had concealed a personal relationship with HP contractor and former soft-porn actress Jodie Fisher, shares had been trading above $46, meaning the stake Hurd planned to sell was worth almost $5.5 million more then than now.
As part of his severance agreement, Hurd had the right to exercise options on 775,000 HP shares until Sept. 7. It wasn’t clear if those were the same share Hurd was to sell.
See our post on the Hurd-Fisher scandal here.[via]