Former HP chief Mark Hurd set for $11m pay deal at Oracle

Former HP chief executive Mark Hurd is expected to earn up to $11m (£7.1m) a year as co-president and board member at Oracle.

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Former HP chief executive Mark Hurd is expected to earn up to $11m (£7.1m) a year as co-president and board member at Oracle.

Oracle will pay Hurd an annual salary of $950,000 (£616,000), and has made him eligible for a bonus of up to $10m in 2011, according to a regulatory filing on Wednesday.

That puts him back among the industry's top-paid executives just a month after HP's board forced him to resign, according to the Financial Times.

Hurd resigned after an internal investigation at HP alleged he had made inaccurate expense claims and concealed a relationship with events contractor Jodie Fisher.

News of the pay deal comes just a day after HP filed a lawsuit against Hurd, seeking monetary damages and assurances that HP's secrets are safe.

The company claims Hurd's position at Oracle will lead inevitably to him divulging confidential information.

Some analysts said the lawsuit is an attempt to recover part of the up to $40m severance package it agreed to pay Hurd, but legal experts said HP is unlikely to succeed because Californian courts are usually resistant to such claims.

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