Former HP CEO Leo Apotheker has walked away from the company with a $13.2m (£8.4m) pay-off, including a $2.4m additional bonus despite HP's share price plummeting under his 11-month stewardship.
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Apotheker was sacked following major changes at the company when he announced HP was to sell its market-leading PC business, offload its TouchPad tablet range and buy UK software company Autonomy for £7.1bn.
Apotheker will receive $7.2m in severance payment over the next 18 months. He will also receive $3.6m worth of stocks in the company, according to a Securities and Exchange Commission (SEC) filing.
Apotheker will receive a further $2.4m in annual bonus under his separation agreement with HP, an additional pay-off not included in his original terms of employment. He will also receive up to $300,000 for any loss incurred by the sale of his California residence as a result of his departure.
Former eBay chief Meg Whitman replaced Leo Apotheker as HP's CEO. According to the same SEC filing, Whitman is to receive a target annual bonus of $2.4m next year, with the possibility of a maximum bonus of $6m. But her base salary is a nominal $1 per year, although she will also have the option of purchasing 1,900,000 HP shares.