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HP Spent Over $80M To Get Rid of Its CEOs

Posted by samzenpus on from the and-here's-a-parting-gift dept.

hapworth writes "Analysis published today shows that Hewlett-Packard has shelled out over $80 million to get rid of three CEOs since 2005. The first CEO to take her expensive exit, Carly Fiorina, received over $42 million, once stocks, options, and pension are factored in. Mark Hurd, after just four years, received $12.2 million to take his exit; and now, after 11 months, Leo Apotheker will walk out with a reported $25.2 million in severance. With eBay's Meg Whitman in as the new CEO at HP, industry analyst Robert McGarvey writes today that 'the HP gig could help Whitman replenish her personal coffers, depleted by the pumping of $119 million into a futile bid to become California's governor.'"

4 of 261 comments (clear)

  1. I've got a better deal by GodfatherofSoul · · Score: 5, Funny

    I'll ruin your company for a measly $5 million; no stock options if you don't mind since I'll probably do a pretty good job of it.

    --
    I swear to God...I swear to God! That is NOT how you treat your human!
    1. Re:I've got a better deal by Nethemas+the+Great · · Score: 5, Funny

      You need an MBA (Master of Bullsh*t Arts). Essentially it's a degree in social engineering through plausible fabrication of reality while keeping a straight face. This should of course not be confused with the career path for politicians which starts with a law degree wherein you learn social engineering through the plausible misrepresentation of facts while keeping a straight face.

      --
      Two of my imaginary friends reproduced once ... with negative results.
  2. Re:Where are the shareholders? by doconnor · · Score: 5, Insightful

    One problem with shareholder democracy is that if a shareholder doesn't like the management of the company it is far easier for them to sell the stock and forget about it then to work to elect better management.

    A lot of people have been selling their HP stock recently.

  3. Re:Where are the shareholders? by Anonymous Coward · · Score: 5, Interesting

    What's odd is when I worked at HP, there was a strong promote-from-within culture. It was relatively rare to bring in outside executives. Carly started her tenure as controversial CEO because she was an outsider, not because she was a rhymes-with-witch in heels.

    But one article I read this weekend said the board looked around and none of the current second-level VPs was ready to be CEO. I find that somewhat hard to believe and poor planning on the part of the board. To have a prudent succession plan, they should always have a few potential CEOs being groomed.

    I still want to know how Leo swung $2 million a month for his walking papers. I want a piece of that action. If I get fired for cause, I get zip. My few remaining options are worthless, my RSU vesting screeches to a halt, no severance pay, nothing.