HP, Oracle bury the hatchet over Mark Hurd employment

Hurd, a high profile Wall Street executive, joined Oracle earlier this month after an unceremonious exit from rival HP as chairman, president and chief executive in August. The hiring of Hurd as Oracle's co-vice president saw HP coming up with a lawsuit to block the appointment, amid concerns that trade secrets could be transfered to its rival.

In a joint statement on Monday, both companies said they have reached a resolution related to the litigation regarding Hurd's recruitment. "While the terms of the settlement are confidential, Hurd will adhere to his obligations to protect HP's confidential information while fulfilling his responsibilities at Oracle," the statement noted.

53-year-old Hurd, credited for engineering a turnaround at HP, stepped down in the wake of sexual harassment allegations. Interestingly, HP's move to show the door to Hurd was criticised by Oracle chief Larry Ellison.

According to the joint statement, both companies would continue with their long term strategic partnership and are committed to providing best solutions to their over 1,40,000 shared customers. "HP and Oracle have been important partners for more than 20 years and are committed to working together to provide exceptional products and service to our customers," HP's interim chief executive and chief financial officer Cathie Lesjak said.

Ellison noted that Oracle and HP would continue to build and expand partnership that has already lasted for over 25 years.