SEC reportedly probing departure of former Hewlett-Packard CEO Mark Hurd

The Securities and Exchange Commission has begun an inquiry into Mark Hurd’s departure as chief executive of Hewlett-Packard Co., according to two people familiar with the matter.

The people declined to be identified because the inquiry hasn’t been made public. The securities regulator is looking into whether Hurd leaked information about HP’s planned acquisition of Electronic Data Systems Corp. to a contractor, according to a published report.

Hurd, 53, left HP on Aug. 6 after an investigation found that he violated standards of business conduct by concealing a personal relationship with a contractor.

The investigation into the harassment allegation found inaccurate expense reports filed by Hurd or in his name, HP said in August. The company also determined that Hurd didn’t violate its harassment policy.

SEC officials are also examining Hurd’s handling of expense reports and whether he destroyed evidence related to his departure, the Wall Street Journal reported Monday.

HP is cooperating with an SEC investigation, according to Mylene Mangalindan, a spokeswoman for the Palo Alto company. She declined to say what the SEC is investigating.

HP shares slipped 7 cents to $41.89 on Monday. They have declined 19% this year.

Shares of HP tumbled 18% after Hurd’s resignation through Aug. 27 as investors fretted that his successor might struggle to replicate the growth he spurred. As CEO since 2005, Hurd more than tripled HP’s profit by cutting costs and expanding beyond the company’s core business of computers and printers. He oversaw an acquisition spree of more than $20 billion, moving HP into services, networking equipment and smart phones.

“Mark acted properly in all respects,” said Glenn Bunting, a spokesman for Hurd. “It is understandable that the SEC is looking into the events surrounding Mark’s departure, which was followed by a precipitous drop in the value of HP’s stock.”

Oracle Corp. hired Hurd as co-president in September, and Leo Apotheker became HP’s CEO Nov. 1.

Calls to Hurd’s office at Oracle were directed to the Redwood City, Calif., company’s public relations department. Carol Sato, a spokeswoman for Oracle, declined to comment.