Former SAP executive Leo Apotheker, now in his fourth month as HP's CEO, has a package that rivals that of superstar athletes and movie stars.
Hewlett-Packard filed a regulatory report Feb. 1 with the Security and
Exchange Commission detailing the compensation package it has arranged for its
new CEO, former SAP
executive Leo Apotheker-a package that rivals that of superstar athletes and movie
Apotheker, who started his new job in November 2010
following a sexual harassment and cover-up scandal that resulted in the ouster of former CEO Mark Hurd , has agreed to a yearly
salary $1.2 million, a $4 million cash signing bonus, and $4.6 million in
relocation costs and reimbursement for non-compete payments from SAP.
Apotheker is in the process of moving his family from France
to the San Francisco Bay Area.
There's more. HP also gave its new CEO a
large chunk of restricted stock-$38 million worth-in September. Depending on
HP's performance over the time he owns the stock, Apotheker might actually bank
more than that. Or he could get less, if the stock slips in price.
The ouster of Hurd by HP is being investigated by four
new members of the HP board
. The move was sparked by a shareholder
was forced to resign Aug. 6, 2010
, following sexual-harassment allegations
by former HP contractor Jodie Fisher.
Hurd is considered an excellent manager who in five years led HP to become
the world's largest IT company, surpassing IBM.
Hurd and Fisher settled their issues out of court, with both people claiming
that, in fact, there was no sexual relationship or harassment involved. No
evidence of sexual misconduct was ever brought to the fore.
was also in the news Feb. 2
when he told the BCC
at the Davos World Economic Forum that "what's happening is probably the
biggest revolution in the history of IT. The Internet is going totally mobile,
the bandwidth is there ... so many technologies are converging, and HP is the
one company that can put it all together. We want to be the leader in this."