HP Discloses Details of New CEO’s Contract
Hewlett-Packard Co. gave its new CEO, who came aboard during a tumultuous time for the technology conglomerate, a compensation package that could be worth tens of millions of dollars. Leo Apotheker, 57, is getting a $1.2 million salary, a $4 million cash signing bonus, and $4.6 million in relocation costs and reimbursement for non-compete payments from his former employer, German business software maker SAP AG, HP outlined in a regulatory filing Tuesday. Doesn’t sound like that bad of a job now does it?
Hurd’s was paid a $1.1 million salary for the 2010 fiscal year, and received a $12.2 million severance payment. He was in line for almost $10 million in stock awards that were canceled as part of a settlement that allowed him to work at Oracle Corp., an HP rival. HP’s board was criticized about the size of Hurd’s severance package. The company’s stock sank after Hurd’s resignation, wiping out $9 billion in shareholder wealth in the first day of trading after the August announcement. Hurd stands to make millions of dollars more at Oracle, a business software maker that’s muscling into HP’s turf of computer servers.
Comments are closed.