The CEO of Hewlett-Packard, Leo Apotheker, is about to leave after being there for 11 months and watching the HP stock drop about 42%. For this stellar performance he will be taking home $7.2 million in cash plus $18 million in stock. Now, in the 11 months that he was there, he has taken home most of his $1.2 million annual salary and a $4 million signing bonus, and a $4.6 million relocation assistance fee.
I guess that plane tickets are really expensive these days.
So, in the past six years HP has shed three CEOs. Mark Hurd received a cash severance payment of $12.2 million dollars. Carly Fiorina, who was gently shoved out the door in 2005 was given $21.4 million cash plus $21.1 million in stock grants.
I hope that HP is as generous with their workers as they close their Personal Computer division. No doubt they will be. The board of directors is obviously very generous.
Only in America.