Fired HP CEO walks away with $13 million

Posted on September 30, 2011 - 15:07 CEST by Thomas De Maesschalck

BusinessWeek reports former HP CEO Leo Apotheker leaves the company with a golden handshake worth more than $13 million in cash and stock. Quite a nice bonus for a guy under whose 11-month reign HP's market cap plunged 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 depend on how the company fares in the next few years, according to documents filed Thursday.

Hewlett-Packard Co. also will cover Apotheker's expenses for an anticipated move to France or Belgium.

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Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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Fired HP CEO walks away with $13 million

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