SAN FRANCISCO (AP) -- Recently fired Hewlett-Packard CEO Leo Apotheker is walking away with more than $13 million in cash and stock after an 11-month reign that saw the technology's company market value plunge by nearly $40 billion.
Apotheker's parting package includes a $7.2 million severance payment and a $2.4 million bonus for his performance while he was CEO. He also will keep restricted stock currently worth about $3.7 million. The value of Apotheker's other stock awards will HPQ is not unique the disease, theft is corporate wide. And they probably want their taxes reduced.
"Despite the missteps that got him fired, Apotheker still will get a $2.4 million bonus later this year under HP's "pay-for-results" plan, according to a company filing Thursday with the Securities and Exchange Commission. Apotheker also will receive $7.2 million in severance payments over the next 18 months and the vesting rights to 156,000 shares of restricted stock currently worth about $3.7 million.
The value of Apotheker's other stock awards will depend on how the company fares in the next few years. Apotheker, who moved from Europe to work at HP's Palo Calif. headquarters, apparently will be watching how the company does without him from abroad. HP also is paying his relocation expenses to France or Belgium, and will cover up to $300,000 on any loss that he suffers from the sale of his California home. "