HP awards new CEO Whitman with $16.5M pay package
Updated 08:37 p.m., Friday, February 3, 2012
SAN FRANCISCO (AP) — Hewlett-Packard Co. ushered in Meg Whitman as its CEO with a $16.5 million compensation package that hinges on the one-time politician’s ability to lift the stumbling technology company’s stock price during the next two years.
Whether Whitman ever gets an opportunity to cash in most the options will depend on whether HP’s market value rises substantially from its depressed level when HP fired her predecessor, Leo Apotheker, as CEO last September.
[…] its operations that sell servers and consulting services to big companies locked in a fierce battle with IBM Corp. and Oracle Corp.
The rights to 800,000 stock options will vest on Whitman’s first anniversary as HP’s CEO if the company’s shares have closed at or above $28.31 for 20 consecutive trading days.
The Associated Press formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year.

