By now you've probably heard the news: Leo Apotheker has received a severance package worth $13.2 million in cash and stock for his 11-month tenure as CEO of Hewlett-Packard.
Apotheker's outsized payout, which includes relocation fees back to Europe and up to $300,000 to cover losses on the sale of his California home, follows the more-than $12 million his predecessor Mark Hurd received from HP after being ousted following a scandal. Hurd's successor, Carly Fiorina got more than $21 million in severance when she left the firm in 2007.
And new CEO Meg Whitman has received a package worth over $13 million, mostly comprised of stock options tied to performance, according to Equilar.
Clearly, there's something wrong at HP, whose board has been pilloried in the press in the wake of Apotheker's firing.
But HP is far from alone in lavishing departing CEOs with boatloads of shareholder dollars. As The NY Times reports:
- Robert Kelly received $17.2 million in severance after being ousted from