$4M Sign On Bonus $25M Exit Bonus For HP Dud After Just 11 Months
Apotheker will receive an exit package worth more than US$25 million – not bad, some would say, considering he’s been the company’s CEO for less than 11 months, and has seen the company’s value topple in that time.
Leo has already banked most of his $1.2 million annual salary, while also having received a $4 million sign-on bonus and $4.6 million for “relocation assistance” and to offset a payment forfeited by former employer SAP. On top of that, Leo will score a severance package of $7.2 million in cash and $18 million in stock.
While the former CEO never earned a bonus, given his short stint at the company, H-P has agreed to pay him twice his salary as a bonus marker.
Casting an even wider golden umbrella over his “resignation”, his stock grants will vest immediately to provide him with 800,000 shares of H-P, currently selling for US$22.32 each: a potential total at this week’s value of $17.8 million.
Hewlett-Packard has so far paid out $83.3 million to the three CEOs it has sacked over the past six years. Hang in there, Meg â€¦