New HP CEO to get $1.2 million base salary, signing bonus
Hewlett-Packard's new CEO, Leo Apotheker, will get an annual salary of $1.2 million, a $4 million signing bonus and restricted shares in the technology company, according to a company filing Friday with federal regulators.
By Agencies |
NEW YORK: Hewlett-Packard's new CEO, Leo Apotheker, will get an annual salary of $1.2 million, a $4 million signing bonus and restricted shares in the technology company, according to a company filing Friday with federal regulators.
Hewlett-Packard Co. said Apotheker will also be eligible to receive cash incentives if the company meets certain performance goals each year.
Apotheker will receive a performance-based cash bonus of at least $2.4 million, or double his base salary, for fiscal 2011, which begins in November. He could get an incentive bonus of as much as five times his annual base salary if he meets certain targets, HP said.
Within 30 days, Apotheker will also be granted restricted stock of 76,000 HP shares. He will also get performance awards that will vest in 2012 and in 2012.
Apotheker, 57, was named as HP's CEO on Thursday. He lost his job as head of the German business software maker SAP earlier this year.
HP's board ousted Mark Hurd, the company's well-regarded CEO, nearly two months ago amid allegations of sexual harassment and deceptive expense reports.
Most analysts had expected HP to hire a replacement from within, or tap an outsider with a more impressive background than Apotheker's.
In addition to the $4 million signing bonus, Apotheker will get a relocation allowance of $4.6 million.
Shares of Palo Alto, California-based HP fell 87 cents, or 2.1 percent, to $41.20 in morning trading Friday.
Hewlett-Packard Co. said Apotheker will also be eligible to receive cash incentives if the company meets certain performance goals each year.
Apotheker will receive a performance-based cash bonus of at least $2.4 million, or double his base salary, for fiscal 2011, which begins in November. He could get an incentive bonus of as much as five times his annual base salary if he meets certain targets, HP said.
Within 30 days, Apotheker will also be granted restricted stock of 76,000 HP shares. He will also get performance awards that will vest in 2012 and in 2012.
Apotheker, 57, was named as HP's CEO on Thursday. He lost his job as head of the German business software maker SAP earlier this year.
HP's board ousted Mark Hurd, the company's well-regarded CEO, nearly two months ago amid allegations of sexual harassment and deceptive expense reports.
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Most analysts had expected HP to hire a replacement from within, or tap an outsider with a more impressive background than Apotheker's.
In addition to the $4 million signing bonus, Apotheker will get a relocation allowance of $4.6 million.
Shares of Palo Alto, California-based HP fell 87 cents, or 2.1 percent, to $41.20 in morning trading Friday.
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