Mark Hurd Files to Sell $30 Million of HP Shares Following Exit

Mark Hurd filed to sell a $30 million stake in Hewlett-Packard Co. almost three weeks after stepping down as chief executive officer of the world’s biggest personal-computer maker.

Hurd notified the U.S. Securities and Exchange Commission he intended to sell as many as 775,000 common shares, according to the Washington Service, a Bethesda, Maryland-based company that tracks insider transactions. The filing shows Hurd planned to sell on Aug. 23 through Merrill Lynch & Co., a unit of Bank of America Corp. With HP closing at $39.04 that day, the sale would have raised $30.3 million.

Hurd, 53, resigned on Aug. 6 after an internal investigation found he filed inaccurate expense reports to conceal a personal relationship with Jodie Fisher, a marketing contractor. HP, based in Palo Alto, California, said a probe had cleared Hurd of Fisher’s sexual-harassment claim.

As part of his severance package, HP gave Hurd until Sept. 7 to exercise options to buy 775,000 common shares, according to an Aug. 6 filing.

Hurd couldn’t be immediately located for comment.

The Form 144 was submitted in paper at the agency’s Washington headquarters and isn’t available through its EDGAR electronic-filing system.

HP rose 17 cents to $38.41 at 11:39 a.m. in New York Stock Exchange composite trading. The stock has fallen about 17 percent since Hurd’s resignation.

To contact the reporter on this story: Miles Weiss in Washington at mweiss@bloomberg.net

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Hewlett-Packard Co Former CEO Mark Hurd

Kimberly White/Bloomberg

Hewlett-Packard Co. former Chief Executive Officer Mark Hurd.

Hewlett-Packard Co. former Chief Executive Officer Mark Hurd. Photographer: Kimberly White/Bloomberg