Lots of threads on this.
http://www.flyertalk.com/forum/hilto...eone-else.html
http://www.flyertalk.com/forum/hilto...my-status.html
http://www.flyertalk.com/forum/hilto...advantage.html
TL;DR: The rules say you don't get the points if you don't stay, and your colleague is not eligible for your status benefits if you're not there.
Practically, YMMV. (Assuming you're OK with any "ethical concerns" about this, you're more likely to get the points the less of a big deal you make out of it.)