Former HP CEO Apotheker to get more than $US9.6 million

A regulatory filing shows what HP will pay its outgoing and incoming CEOs

Outgoing Hewlett-Packard CEO, Leo Apotheker, will get a severance payment of $US7.2 million, plus a $2.4 million performance bonus and additional stock benefits, according to documents filed with the US Securities and Exchange Commission on Thursday.

Apotheker was recently ousted from the top post at HP after spending just 11 months on the job. Meg Whitman, the former CEO of eBay, has taken over. She will receive a base salary of just $1 per year, the regulatory filing shows.

Apotheker made several decisions during his tenure that drew criticism, including one to spin off HP's PC division, which it announced before it had found a buyer. HP missed its financial targets for the past three quarters and its stock dropped by nearly half while Apotheker was CEO.

In addition to the severance and bonus payments, he was awarded accelerated vesting of stock grants worth $3.5 million, according to the filing. He is also eligible for funds to relocate back to France or Belgium, and up to $300,000 for any losses he incurs selling his California home.

When Apotheker signed on to the job, he agreed to a base salary of $1.2 million and an annual bonus of 200 percent to 500 percent of his salary. He received hundreds of thousands of shares under various stock plans.

Apotheker also received a $4 million signing bonus and an additional $4.6 million for relocation expenses and other payments.

HP also revealed Whitman's compensation package on Thursday. Like some other prominent CEOs, she will receive a base annual salary of $1. She will also get the option to buy more than 1.9 million shares of HP stock, many of which vest only if the value of the stock rises considerably. Whitman's bonus for 2012 will be between $2.4 million and $6 million.

At the time Apotheker took over, HP had just agreed to pay Mark Hurd, its previous CEO, more than $12 million. He was forced out following accusations of sexual harassment from a former marketing consultant for the company. His payout was about half of that received by Carly Fiorina, another embattled HP CEO, who got more than $21 million when she was forced out in 2005.

Nancy Gohring covers mobile phones and cloud computing for The IDG News Service. Follow Nancy on Twitter at @idgnancy. Nancy's email address is Nancy_Gohring@idg.com

Join the PC World newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags business issuespersonnelCarly FiorinaMeg WhitmanLeo ApothekerSEC FilingsHewlett-Packard

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Nancy Gohring

IDG News Service
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Matthew Stivala

HP OfficeJet 250 Mobile Printer

The HP OfficeJet 250 Mobile Printer is a great device that fits perfectly into my fast paced and mobile lifestyle. My first impression of the printer itself was how incredibly compact and sleek the device was.

Armand Abogado

HP OfficeJet 250 Mobile Printer

Wireless printing from my iPhone was also a handy feature, the whole experience was quick and seamless with no setup requirements - accessed through the default iOS printing menu options.

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Ed Dawson

HP OfficeJet Pro 8730

As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?