HP CEO Mark Hurd has resigned, effective immediately, “over previously undisclosed allegations of sexual harassment and financial shenanigans involving a relationship with a former HP contractor.” This news sent company stock shooting down before the market closed today. Continue reading for the news report.

HP said that Hurd was forced out after the company discovered that he had a secret relationship with a woman who worked with HP on marketing matters, and that he falsified expense and other financial reports to conceal the relationship and help get the contractor paid for work she didn’t do.

[via Google]