Mark V. Hurd
Encyclopedia
Mark Vincent Hurd is co-president, director, and board member of Oracle Corporation
, and the past chairman, chief executive officer
, and president
of Hewlett-Packard
. At Hewlett-Packard, Hurd succeeded CFO Robert Wayman
, who served as interim CEO from February 10, 2005 to March 28, 2005, after former CEO Carly Fiorina
was forced by the board to resign. On September 22, 2006, Hurd succeeded Patricia C. Dunn
as chairman after she resigned after the pretexting controversy. Hurd resigned his positions at HP on August 6, 2010, after an internal investigation uncovered expense-account irregularities.
from Baylor University
, where he played tennis.
, culminating in a two-year tenure as chief executive officer and president. His leadership was marked by successful efforts to improve operating efficiency, bolster the product line and build strong leadership. In the fiscal year of 2004, NCR generated revenue of $6.0 billion, up 7 percent from a year earlier, and net income rose nearly fivefold to $290 million.
Hurd was named president of NCR in 2001 and was given additional responsibilities as chief operating officer
in 2002. Hurd began working for NCR as a junior salesman in San Antonio in 1980, and subsequently held a variety of positions in general management, operations, and sales and marketing. He also served as head of the company's Teradata
data-warehousing division for three years.
Hurd is a member of the Technology CEO Council, a coalition of chairmen and chief executive officers of IT companies, which develops and advocates public policy positions on technology and trade. Hurd has since been removed from mention on the official website of the Council, and is conspicuously missing from the Council's listed members.
Hurd served on the board of directors of News Corporation
until 2010, but was not renominated to his seat following the Jodie Fisher
scandal.
to resign in January 2005, CFO Robert P. Wayman
became interim CEO for several months. Hurd was appointed permanent CEO and also held the title of President, a post which was not used by several of his predecessors (Michael Capellas
was President of HP briefly in 2002 after its merger with Compaq
). Hurd was also elected to the board of directors but unlike previous CEOs, he was initially not designated to be chairman of the board. On September 22, 2006, Hurd succeeded Patricia C. Dunn
as chairman after she resigned after the pretexting controversy.
Hurd was said by the New York Times to have "pulled off one of the great rescue missions in American corporate history, refocusing the strife-ridden company and leading it to five years of revenue gains and a stock that soared 130 percent".
Under his leadership, the company has been the first in the sale of desktop computer
s since 2007, and laptop
computers since 2006. In 2008, it also increased its market share in inkjet
and laser
printers to 46% and 50.5%, respectively.
Hurd said that he gets up every day at 4:45 a.m. in California without an alarm clock because competitors on the east coast are already awake.
Hurd has a reputation for aggressive cost-cutting. He laid off 15,200 workers — 10% of the workforce — shortly after becoming CEO. Other cost-cutting includes reducing the IT department from 19,000 to 8,000, reducing the number of software applications that HP uses from 6,000 to 1,500, and consolidating HP's 85 data centers to 6. In the recent recession, Hurd imposed a 5% pay cut on all employees and removed many benefits. Hurd himself took a pay cut of 20% in his base salary, although the compensation committee increased his bonus by the same amount. Following the acquisition of EDS, Hurd instructed that all EDS employees should have their salaries adjusted to match the salaries of their HP counterparts, with pay cuts of as much as 20%. He also promised that those employees below scale would see their payscales adjusted through an internal process that never materialized.
Hurd forecast that in 2009, HP's sales could drop as much as 5% in the midst of the recession, but its profit would increase by nearly 6%.
In 2009, Hurd was considered one of the "TopGun CEOs" by Brendan Wood International, an advisory agency.
. The probe concluded that the company's sexual-harassment policy was not violated, but that its standards of business conduct were. Hurd said he "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 added that he believed it would be "difficult to continue as an effective leader at HP." In exchange for releasing HP from future litigation, Hurd received $12.2 million in severance, plus vested options and restricted stock for an estimated total of $34.6 million.
Oracle Corporation
CEO Larry Ellison
, a close friend of Hurd who has also been the object of sexual harassment claims, sent an e-mail to the New York Times saying "the HP Board just made the worst personnel decision since the idiots on the Apple Board fired Steve Jobs
many years ago. That decision nearly destroyed Apple and would have if Steve hadn't come back and saved them. HP had a long list of failed CEOs until they hired Mark who has spent the last five years doing a brilliant job reviving HP to its former greatness".
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.
. Hurd succeeded Charles Phillips. Safra A. Catz
remains the other Oracle co-president.
Oracle Corporation
Oracle Corporation is an American multinational computer technology corporation that specializes in developing and marketing hardware systems and enterprise software products – particularly database management systems...
, and the past chairman, chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
, and president
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
of Hewlett-Packard
Hewlett-Packard
Hewlett-Packard Company or HP is an American multinational information technology corporation headquartered in Palo Alto, California, USA that provides products, technologies, softwares, solutions and services to consumers, small- and medium-sized businesses and large enterprises, including...
. At Hewlett-Packard, Hurd succeeded CFO Robert Wayman
Robert Wayman
Robert P. Wayman is the former chief financial officer and executive vice president of the Hewlett-Packard Company, as well as a member of the HP board of directors. He became CFO in 1984. He joined the company in 1969 and has been on the board since 2005; he previously served on the board from...
, who served as interim CEO from February 10, 2005 to March 28, 2005, after former CEO Carly Fiorina
Carly Fiorina
Carly Fiorina is an American business executive and a former Republican candidate for the United States Senate representing California. Fiorina served as chief executive officer of Hewlett-Packard from 1999 to 2005 and previously was an executive at AT&T and its equipment and technology spinoff,...
was forced by the board to resign. On September 22, 2006, Hurd succeeded Patricia C. Dunn
Patricia C. Dunn
Patricia Cecile Dunn , aka Patricia Cecile Dunn-Jahnke, is the former non-executive chairman of the board of Hewlett-Packard , a position she held from February 2005 until September 22, 2006, when she resigned her position. On October 4, 2006 Bill Lockyer, the California attorney general, charged...
as chairman after she resigned after the pretexting controversy. Hurd resigned his positions at HP on August 6, 2010, after an internal investigation uncovered expense-account irregularities.
Education
Hurd graduated in 1979 with a bachelor of business administrationBachelor of Business Administration
The Bachelor of Business Administration is a bachelor's degree in Commerce and business administration. In most universities, the degree is conferred upon a student after four years of full-time study in one or more areas of business concentrations; see below...
from Baylor University
Baylor University
Baylor University is a private, Christian university located in Waco, Texas. Founded in 1845, Baylor is accredited by the Southern Association of Colleges and Schools.-History:...
, where he played tennis.
Early career
Hurd spent 25 years at NCR CorporationNCR Corporation
NCR Corporation is an American technology company specializing in kiosk products for the retail, financial, travel, healthcare, food service, entertainment, gaming and public sector industries. Its main products are self-service kiosks, point-of-sale terminals, automated teller machines, check...
, culminating in a two-year tenure as chief executive officer and president. His leadership was marked by successful efforts to improve operating efficiency, bolster the product line and build strong leadership. In the fiscal year of 2004, NCR generated revenue of $6.0 billion, up 7 percent from a year earlier, and net income rose nearly fivefold to $290 million.
Hurd was named president of NCR in 2001 and was given additional responsibilities as chief operating officer
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
in 2002. Hurd began working for NCR as a junior salesman in San Antonio in 1980, and subsequently held a variety of positions in general management, operations, and sales and marketing. He also served as head of the company's Teradata
Teradata
Teradata Corporation is a vendor specializing in data warehousing and analytic applications. Its products are commonly used by companies to manage data warehouses for analytics and business intelligence purposes. Teradata was formerly a division of NCR Corporation, with the spinoff from NCR on...
data-warehousing division for three years.
Hurd is a member of the Technology CEO Council, a coalition of chairmen and chief executive officers of IT companies, which develops and advocates public policy positions on technology and trade. Hurd has since been removed from mention on the official website of the Council, and is conspicuously missing from the Council's listed members.
Hurd served on the board of directors of News Corporation
News Corporation
News Corporation or News Corp. is an American multinational media conglomerate. It is the world's second-largest media conglomerate as of 2011 in terms of revenue, and the world's third largest in entertainment as of 2009, although the BBC remains the world's largest broadcaster...
until 2010, but was not renominated to his seat following the Jodie Fisher
Jodie Fisher
Jodie Fisher is an American actress whose film credits include Intimate Obsession and Body of Influence 2.-Career:...
scandal.
Management style
After the board forced Chairman and CEO Carly FiorinaCarly Fiorina
Carly Fiorina is an American business executive and a former Republican candidate for the United States Senate representing California. Fiorina served as chief executive officer of Hewlett-Packard from 1999 to 2005 and previously was an executive at AT&T and its equipment and technology spinoff,...
to resign in January 2005, CFO Robert P. Wayman
Robert Wayman
Robert P. Wayman is the former chief financial officer and executive vice president of the Hewlett-Packard Company, as well as a member of the HP board of directors. He became CFO in 1984. He joined the company in 1969 and has been on the board since 2005; he previously served on the board from...
became interim CEO for several months. Hurd was appointed permanent CEO and also held the title of President, a post which was not used by several of his predecessors (Michael Capellas
Michael Capellas
Michael David Capellas is Chief Executive Officer of AcadiaEnterprises, LLC a joint venture of Cisco and EMC with investment from Intel and VMware. He also serves as Chairman of the Virtual Computing Environment coalition...
was President of HP briefly in 2002 after its merger with Compaq
Compaq
Compaq Computer Corporation is a personal computer company founded in 1982. Once the largest supplier of personal computing systems in the world, Compaq existed as an independent corporation until 2002, when it was acquired for US$25 billion by Hewlett-Packard....
). Hurd was also elected to the board of directors but unlike previous CEOs, he was initially not designated to be chairman of the board. On September 22, 2006, Hurd succeeded Patricia C. Dunn
Patricia C. Dunn
Patricia Cecile Dunn , aka Patricia Cecile Dunn-Jahnke, is the former non-executive chairman of the board of Hewlett-Packard , a position she held from February 2005 until September 22, 2006, when she resigned her position. On October 4, 2006 Bill Lockyer, the California attorney general, charged...
as chairman after she resigned after the pretexting controversy.
Hurd was said by the New York Times to have "pulled off one of the great rescue missions in American corporate history, refocusing the strife-ridden company and leading it to five years of revenue gains and a stock that soared 130 percent".
Under his leadership, the company has been the first in the sale of desktop computer
Desktop computer
A desktop computer is a personal computer in a form intended for regular use at a single location, as opposed to a mobile laptop or portable computer. Early desktop computers are designed to lay flat on the desk, while modern towers stand upright...
s since 2007, and laptop
Laptop
A laptop, also called a notebook, is a personal computer for mobile use. A laptop integrates most of the typical components of a desktop computer, including a display, a keyboard, a pointing device and speakers into a single unit...
computers since 2006. In 2008, it also increased its market share in inkjet
Inkjet printer
An inkjet printer is a type of computer printer that creates a digital image by propelling droplets of ink onto paper. Inkjet printers are the most commonly used type of printer and range from small inexpensive consumer models to very large professional machines that can cost up to thousands of...
and laser
Laser printer
A laser printer is a common type of computer printer that rapidly produces high quality text and graphics on plain paper. As with digital photocopiers and multifunction printers , laser printers employ a xerographic printing process, but differ from analog photocopiers in that the image is produced...
printers to 46% and 50.5%, respectively.
Hurd said that he gets up every day at 4:45 a.m. in California without an alarm clock because competitors on the east coast are already awake.
Hurd has a reputation for aggressive cost-cutting. He laid off 15,200 workers — 10% of the workforce — shortly after becoming CEO. Other cost-cutting includes reducing the IT department from 19,000 to 8,000, reducing the number of software applications that HP uses from 6,000 to 1,500, and consolidating HP's 85 data centers to 6. In the recent recession, Hurd imposed a 5% pay cut on all employees and removed many benefits. Hurd himself took a pay cut of 20% in his base salary, although the compensation committee increased his bonus by the same amount. Following the acquisition of EDS, Hurd instructed that all EDS employees should have their salaries adjusted to match the salaries of their HP counterparts, with pay cuts of as much as 20%. He also promised that those employees below scale would see their payscales adjusted through an internal process that never materialized.
Hurd forecast that in 2009, HP's sales could drop as much as 5% in the midst of the recession, but its profit would increase by nearly 6%.
In 2009, Hurd was considered one of the "TopGun CEOs" by Brendan Wood International, an advisory agency.
Resignation
On August 6, 2010, he resigned from all of his positions at HP, following discovery of inappropriate conduct in an investigation into a claim of sexual harassment made by former reality TV actress Jodie FisherJodie Fisher
Jodie Fisher is an American actress whose film credits include Intimate Obsession and Body of Influence 2.-Career:...
. The probe concluded that the company's sexual-harassment policy was not violated, but that its standards of business conduct were. Hurd said he "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 added that he believed it would be "difficult to continue as an effective leader at HP." In exchange for releasing HP from future litigation, Hurd received $12.2 million in severance, plus vested options and restricted stock for an estimated total of $34.6 million.
Oracle Corporation
Oracle Corporation
Oracle Corporation is an American multinational computer technology corporation that specializes in developing and marketing hardware systems and enterprise software products – particularly database management systems...
CEO Larry Ellison
Larry Ellison
Lawrence Joseph "Larry" Ellison is the co-founder and chief executive officer of Oracle Corporation, one of the world's leading enterprise software companies. As of 2011, he is the third wealthiest American citizen, with an estimated worth of $33 billion.- Early life :Larry Ellison was born in the...
, a close friend of Hurd who has also been the object of sexual harassment claims, sent an e-mail to the New York Times saying "the HP Board just made the worst personnel decision since the idiots on the Apple Board fired Steve Jobs
Steve Jobs
Steven Paul Jobs was an American businessman and inventor widely recognized as a charismatic pioneer of the personal computer revolution. He was co-founder, chairman, and chief executive officer of Apple Inc...
many years ago. That decision nearly destroyed Apple and would have if Steve hadn't come back and saved them. HP had a long list of failed CEOs until they hired Mark who has spent the last five years doing a brilliant job reviving HP to its former greatness".
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 a 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.
Lawsuit
A shareholder derivative lawsuit has been filed following the imbroglio over Hurd's departure. The suit seeks unspecified damages and changes to HP's corporate governance. It claims that HP lost "significant credibility" due to the controversy and a loss of $9 billion in market capitalization when shares began trading the Monday after Hurd's resignation, and that his severance package could have been significantly smaller if HP's board fired him for cause. The suit was filed on behalf of shareholders by Brockton Contributory Retirement System against Hurd, and HP's board members.Oracle Corporation (2010–present)
On September 6, 2010 Hurd was named co-president and member of the board of Oracle Corporation by CEO Larry EllisonLarry Ellison
Lawrence Joseph "Larry" Ellison is the co-founder and chief executive officer of Oracle Corporation, one of the world's leading enterprise software companies. As of 2011, he is the third wealthiest American citizen, with an estimated worth of $33 billion.- Early life :Larry Ellison was born in the...
. Hurd succeeded Charles Phillips. Safra A. Catz
Safra A. Catz
Safra A. Catz , an Israeli - American manager, has been a President of Oracle Corporation since January 2004 and a member of the company's Board of Directors since October 2001. She also served as the company's Chief Financial Officer from November 2005 to September 2008. She has been at Oracle...
remains the other Oracle co-president.
External links
- Oracle Executive Biography of Mark Hurd
- An HP Executive Team Biography of Mark Hurd
- Fall 2006 Baylor Business Review Q&A with Mark Hurd
- Fall 2006 Baylor Business Review "Five Leadership Tips from Mark Hurd"
- Fall 2003 Baylor Business Review "Enterprise Decision-Making"
- BBC article on appointment to H-P
- March 30 2005 - H-P CEO Mark Hurd speaks
- Jan. 17, 18 of 2003 - Kellogg School of Management’s Digital Frontier Conference - Mark Hurd is keynote speaker
- Meet H-P’s New Boss - ZDNet - CNET Networks
- Mark Hurd: Technology Transformation Takes Commitment, Investment Government Technology MagazineGovernment Technology MagazineGovernment Technology magazine is the flagship periodical of Folsom, California-based publishing company e.Republic Incorporated. The magazine aims to deliver editorial content to information technology professionals working in the public-sector, primarily in state and local government.Established...
May, 2009