08/06/2010 05:18 pm ET Updated May 25, 2011

Mark Hurd RESIGNS From HP CEO Position After Harassment Probe

Mark Hurd has resigned from his position as Hewlett-Packard (HP) CEO, effective immediately, following an allegation of sexual harassment which found him in violation of other company policy.

Chief Financial Officer Cathie Lesjak has been named interim CEO, AP reports.

Engadget notes that, in a call with reporters, HP said that Hurd "submitted inaccurate expense reports to conceal his relationship with the contractor, and that violated HP's standards of business conduct."

MarketWatch reported that HP's late-traded shares tumbled 10 percent in wake of Hurd's resignation.

Per his official bio on the Hewlett-Packard website, Hurd joined HP in early 2005 as CEO and president. In September 2006, he was named chairman of the board of directors.

Fortune 500 previously wrote about Hurd that he's "obsessed with the numbers and execution," adding "the HP CEO is the guy you want running a company in a recession."

Hurd said in a statement "there were instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP." He added that he though it would be "difficult to continue as an effective leader at HP."

Read more about Mark Hurd's resignation here.