Hewlett-Packard Co. chief executive Mark Hurd has resigned as chairman and CEO of the company after being involved in a sexual harassment controversy.

HP announced on Friday that Hurd has quit after the investigation regarding the case has unearthed a number of ethic problems. Hurd did not really violate any of the company’s policies on sexual harassment, but he “demonstrated a profound lack of judgment that seriously undermined his credibility and damaged his effectiveness in leading HP.” He reportedly had “a relationship with a contractor who received numerous inappropriate payments from the company.” He “falsified expense reports and other financial documents to conceal the relationship and help get the contractor paid for work she didn’t do.”

In a statement issued by Hurd, he said, “After a number of discussions with members of the board, I will move aside and the board will search for new leadership. This is a painful decision for me to make after five years at HP, but I believe it would be difficult for me to continue as an effective leader at HP and I believe this is the only decision the board and I could make at this time.”

Cathie Lesjak, HP’s Chief Financial Officer, is tasked as interim CEO. Hurd held the position for over 5 years and played a vital role in restructuring the company.

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