Dollar a day? Not even. HP’s newly installed boss is to work for a measly $1.02 per year, according to a regulatory filing.
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However, never fear Meg Whitman won’t be sleeping on the streets.
The $1.02 sum is just base pay sum and the ex eBay chief was also given options to buy 1.9 million company shares over eight years, according to a regulatory filing with the Securities and Exchange Commission.
However, Whitman will have certain targets to meet before she can cash in on the share bonanza, permitted only do so when stock price tops 120% or more of its current value.
Whitman’s target bonus for the financial year 2012 will be the tidy sum of $US2.4m.
However, former Republican candidate Whitman will have her work cut out to turn the troubled and seemingly directionless computer giant around, whose share price has tumbled 23% in August to a six year low.
The new boss at Palo Alto was hired just last week, following the board’s decision to boot out incumbent Leo Apotheker, after an almost collapse in share price and a series of questionable decisions, including an announcement the No.1 PC maker by sales was the spin off its (still) profitable business.
This isn’t the first time bosses of top tech Companies have sacrificied a lucrative salary for the sake of the firm – former Apple CEO Steve Jobs famously worked for a similar $1 a-year sum as did Google founders Eric Schmidt, Larry Page and Sergey Brin.
However ousted boss Apotheker isn’t doing badly either.
The German national getting a $7.2 million severance payment, along with an additional $3.6 m in “accelerated vested restricted stock”, along with a bonus of $2.4m, accordign to MarketWatch.
He will also be privvy to relocation expenses and HP will cover up to up to $300,000 for any losses made on the sale of his Californian base.
Read HP: PCs In A Spin As Whitman Plays Hard Ball Here
“I am honored and excited to lead HP. I believe HP matters – it matters to Silicon Valley, California, the country and the world” Whitman said following her appointment last week.
HP shares closed 0.59% higher to $ 23.78 yesterday following the news.