Fired HP CEO walks away with $13 million

Posted on Friday, 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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