HP CEO Meg Whitman Gets Raise Despite Persistent Sales Slump

HP CEO Meg Whitman Gets Raise Despite Persistent Sales Slump
Advertisement
Hewlett-Packard boss Meg Whitman has graduated from the dollar-a-year club, as the struggling company prepares to split up.

The veteran tech CEO was paid $19.6 million (roughly Rs. 120 crores) in cash and stock last year, up from $17.6 million (roughly Rs. 108 crores) in 2013, after HP's board of directors raised her base salary to $1.5 million (roughly Rs. 9 crores) from $1 and bestowed additional cash and stock awards based on her performance last year.

HP has reported declining revenue for each of the last three years. Whitman, who was named CEO in 2011, has warned shareholders that a turnaround would take several years.

Despite the sales slump, HP's board concluded Whitman beat performance targets that directors had set for revenue and cash flow in 2014, according to a regulatory filing on Monday. The board also said she had improved the company's product lines and strengthened its cloud-computing capabilities, while preparing for the impending split into two companies. One new company will sell personal computers and printers, while the other focuses on commercial tech products and services for business customers.

Whitman had received a base salary of $1 a year since she became CEO. That's not unusual for leaders of big tech companies who generally receive valuable stock grants in addition. But HP's board concluded that a raise to $1.5 million was warranted "considering the stage of our turnaround."

She also received $4.3 million (roughly Rs. 26 crores) in incentive payments based on her performance, along with $8.1 million (roughly Rs. 49 crores) in stock grants and $5.4 million (roughly Rs. 33 crores) in stock options that vest on the basis of the company's stock performance in coming years.

HP's stock rose about 50 percent during its 2014 fiscal year, closing at $35.73 on Oct. 31. Shares were trading just below $36 on Monday, down less than 1 percent for the day.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: HP, Laptops, Meg Whitman, PC, PCs, Tablets
Sony Online Entertainment Sold to US Investment Firm
Huawei C199S With 5.5-Inch HD Display, 64-Bit Octa-Core SoC Launched
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »