Disgraced HP CEO Mark Hurd Receives $28 Million for Getting Fired

HP said it fired Hurd after an investigation of a sexual harassment complaint found that he had falsified expense reports and other documents to conceal a relationship with a contractor. Hurd also allegedly helped the woman get paid for work she didn't do.

In recent weeks, Hurd was in negotiations for a new three-year contract worth about $100 million when a woman who worked for HP as a host at high-profile events accused him of sexual harassment, a person with intimate knowledge of the case told The Associated Press. The person requested anonymity because this person wasn't authorized to speak publicly about the details of the case.

Hurd will receive a $12.2 million severance payment and nearly 350,000 shares of HP stock worth about $16 million at Friday's closing price. The company also extended the deadline for exercising options to buy up to 775,000 HP shares.

Beloved by investors for his relentless cost-cutting - and scorned by tens of thousands of laid-off employees for the same - Hurd was seen as rescuing the company from the disaster left behind by his predecessor, Carly Fiorina.

Side note: Fiorina is currently the 2010 Republican nominee for a United States Senate seat representing California.