HP CEO Whitman 2011 Compensation: $16.5 Million Plus Stock Option Awards

Posted on Feb 3 2012 - 4:15pm by Editorial Staff

HP released its annual proxy statement this morning, which among other things gives a look at what its top five executives made last year. CEO Meg Whitman, who upon becoming CEO, after succeeded Leo Apotheker last year agreed to take an annual base salary of $1 received more than $16 million worth of stock awards – add on another $372,598 in other compensation and the total value of her package was north of $16.5 million.

Next January, Facebook CEO Mark Zuckerberg plans to accept a $1 annual salary, the initial public offering document for his company said. Zuckerberg this year is taking a salary of $500,000 but with options, that could reach $1.46 million.

HP former CEO Léo Apotheker made $20.4 million for his 11 months of service – $1,152,770 in base salary, a $6.4 million bonus, of which $4 million was a signing bonus when he joined HP, and $2.4 million paid under the terms of his separation agreement, stock awards worth $17,660,759, $5.2 million in other compensation and $25,000 indicating his personal use of HP aircraft.

The proxy also discloses HP doesn’t plan to elect any new directors. Last year, activist investor Ralph Whitworth, principal of Relational Investors, started buying HP shares after the TouchPad debacle and Apotheker’s decision to divest the PC business, the world’s largest.

The proxy statement also shows that CFO Cathie Lesjak made a base salary of $825,000 with $9.3 million in stock-based compensation, $679,000 in incentive pay, and another $101,500 in other compensation for a total more than $11 million. Todd Bradley, executive vice president and head of the Personal Systems Group, the division that HP made a base salary of $850,000 plus $9.3 million stock-based compensation. He received $464,457 in incentive pay plus another $105,000 in other compensation for a total just shy of $10.7 million.

Vyomesh Joshi, the executive president and head of the Imaging and Printing Group got an $850,000 salary too and nearly $8 million in stock awards plus another $638,355 in incentive pay for a total of $9.8 million. Shane Robison, the former Chief Strategy Officer who retired last year received a base salary of $781,250 plus stock awards worth $7.6 million and $606,506 in incentive pay for a total of $9 million.

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