HP sends off ousted CEO with more than $13M in cash and stock;

[The Straight Story]

HP sends off ousted CEO with more than $13M in cash and stock; successor’s salary set at $1


SAN FRANCISCO — Recently fired Hewlett-Packard CEO Leo Apotheker is walking away with more than $13 million in cash and stock as shareholders stew over a rocky reign that saw the technology company’s market value plunge by nearly $40 billion in just 11 months.

The parting package spelled out Thursday in a regulatory filing wasn’t surprising. Most major companies guarantee generous payments to ousted executives as long as they aren’t dumped for unethical or criminal conduct.

Nevertheless, the details of Apotheker’s jackpot probably won’t soothe the hard feelings still lingering over Hewlett-Packard Co.’s decision to hire him in the first place.

Apotheker replaced Mark Hurd, who was ushered out in August 2010 in a scandal triggered by unproven allegations of sexual harassment. Hurd’s severance included a $12.2 cash payment and $30 million worth of stock that he got by exercising options after his resignation. HP’s stock price more than doubled during Hurd’s five-year stint as CEO, adding about $50 billion to the company’s market value.

http://www.washingtonpost.com/business/technology/hp-sends-off-ousted-ceo-with-more-than-13m-in-cash-and-stock-successors-salary-set-at-1/2011/09/29/gIQA1GuV8K_story.html

[Kennah]

1. HP is missing the boat here

I can fuck up HP much LESS and they can pay me LESS. I'll leave and go away for $1 million cash and no stock.

[Initech]

2. It is what it is: legalized theft!!!

[SomethingFishy]

3. LOL and they are replacing him with Meg Whitman...

Next in a long list of people they had to pay off to get rid of.

[customerserviceguy]

4. It's an HP tradition

They gave Fiorina $20 million to run the company into the ground, as well.

There's a simple way to avoid getting ripped off for these golden parachutes, don't buy squat from HP or any other company that repeatedly engages in this sort of foolishness.

[kestrel91316]

5. Organized crime: Ponzi scheme on a grand scale. Hang the bastards.