News

NCR outlines severance of departed CEO

April 4, 2005

Associate Press: Dayton, Ohio-based NCR Corp. disclosed March 31 the terms of departure for exiting president and chief executive Mark Hurd, who has agreed to become CEO of Hewlett-Packard Co.

Hurd, who had worked at NCR for 25 years before his resignation March 30, won't receive any severance pay or benefits and will forfeit any unvested restricted stock and unvested stock options. He has 90 days to exercise any vested stock options, NCR said in a Securities and Exchange Commission filing.

His Hewlett-Packard employment package includes equity grants to make up for compensation he forfeits by leaving NCR.

Hurd had led NCR since March 2003. He was tapped March 29 to lead Hewlett-Packard, which makes computers and printers. Hurd began his employment with the Palo Alto, Calif.-based company April 1.

According to NCR's most recent annual proxy statement, as of last Dec. 31, Hurd held 58,552 unvested restricted shares that the company valued at $2 million.

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