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£8.3m package for sacked HP boss

Sacked Hewlett-Packard chief executive Leo Apotheker is walking away with more than 13 million dollars (£8.3 million) in cash and stock after an 11-month reign that saw the technology's company market value plunge by nearly 40 billion dollars (£25 billion).

Mr Apotheker's parting package includes a 7.2 million-dollar severance payment and a 2.4 million-dollar bonus for his performance while he was chief executive.

He will also keep restricted stock currently worth about 3.7 million dollars. The value of his other stock awards will depend on how the company fares in the next few years, according to documents filed yesterday.

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

Meg Whitman, HP's new chief executive, is being paid a base salary of just one dollar a year - but she could earn a bonus of up to six million.

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From Belfast Telegraph