HP pushes boat out on new CIO's salary


HP pushes boat out on new CIO's salary

Antony Savvas

HP’s new chief information officer Randall Mott will receive a financial package worth around $15m (£8.5m) after being poached from Dell.

As well as pocketing a big signing-on fee, former Walmart CIO Mott will be eligible for preferential shareholdings and bonuses.

According to an HP filing with the US Securities and Exchange Commission, HP is paying Mott a basic salary of $690,000 a year. 

There are also options for 500,000 shares, and a short-term bonus scheme worth 100% of basic salary for the remainder of fiscal 2005 and fiscal 2006. 

HP has also paid Mott a $2.2m golden welcome plus a $1m relocation payment.

On top of this Mott is also getting 285,000 shares of restricted HP stock over five years, worth more than $7m at current market prices. 

To round the generous package off, Mott will benefit from an additional cash bonus scheme worth up to $7m from 2005 to 2008. Of this, $5m is guaranteed, if he sticks around.

The level of the benefits shows how much HP rated the CIO of its biggest rival Dell, although it may dismay many of the 14,500 employees whom HP announced yesterday would be axed to cut costs.

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