The executives stressed that the company is financially sound and that Hurd was not solely responsible for the company's past successes.

"The announcement today has nothing to do with the operational performance of the company but is really all about Mark's behavior and judgment," said Lesjak.

In attempting to distance the company from Hurd, HP board member Marc Andreessen said: "HP is not about any one person."

Lesjak reiterated that point. "Mark was a strong leader but at the end of the day he didn't drive the initiatives. It was the organization that supported Mark that drove those initiatives," Lesjak said.

So far, no civil or other litigation has been filed against Hurd, Holston said.