HP increased content of CEO Meg Whitman a $ 1.5 million2014-03-21 | Comebuy News
HP Chairwoman Meg Whitman got a decent raise. As U.S. Securities and Exchange Commission emerges from a mandatory reporting to the Securities and Exchange Commission, Whitman's annual salary was raised from a symbolic dollar to $1.5 million.
In the message it is, the Supervisory Board wanted to "Ms. Whitman's salary on a competitive level to the salaries of Chief Executive officers of HPs competitors". The change came into effect November 1.
HPs share price has developed well in the last year what arguably might be a main reason for the decision of the Supervisory Board. Due to cost savings in some areas of the business and production operations of sales declined in the fourth quarter, but the stock profit was above expectations. HP reported a profit of $1.4 billion or 0.73 dollars per share on revenue of $29.1 billion.
When Whitman 2011 took over the management of the group, she agreed how many other executives in Silicon Valley to work for a dollar annual salary. In addition, the former head of eBay received 1.9 million stock options, which only may exercise them, if the price of the company is 120 percent higher than the rate at the time of their entry into Office.
HP Whitman's lean content at the end of the year increased also with a bonus. 2012, this amounted to $1.7 million plus additional stock options.
A 1-dollar paycheck for CEOs has become almost customary in the past decade in the Silicon Valley. Previously, for example, Apple founder of Steve jobs, the Googles Eric Schmidt, Sergey Brin and Larry page, Yahoos Carol Bartz and Terry Semel, Ciscos John Chambers and Oracles Larry Ellison conceded this symbolic content.
[with material by Dara Kerr, News.com]