Leo Apotheker pockets $13.2m from HP despite plummeting share price


Leo Apotheker pockets $13.2m from HP despite plummeting share price

Kathleen Hall

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.

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.

Email Alerts

Register now to receive ComputerWeekly.com IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

COMMENTS powered by Disqus  //  Commenting policy