April 5, 2005 1:32 PM PDT

HP earmarks $3 million bonus for interim chief

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Hewlett-Packard plans to give a $3 million bonus to CFO Robert Wayman, who served as interim chief executive after Carly Fiorina was ousted in February.

In a filing with the Securities and Exchange Commission on Tuesday, HP said that the board of directors' compensation committee approved the bonus, which is to be paid "as soon as administratively practicable after May 1."

HP said the bonus was awarded to Wayman "in recognition of his service as interim Chief Executive Officer of HP and his ongoing contribution to the transition to the new Chief Executive Officer."

Wayman, the company's longtime finance chief, served as CEO from Feb. 9, when Fiorina resigned, until April 1, when Mark Hurd officially started on the job at HP. Fiorina got more than $21 million in severance.

Hurd received a lucrative package in joining HP, including more than 1 million stock options, 450,000 shares of restricted stock as well as millions in guaranteed bonuses, a $2 million signing bonus and $2.75 million in relocation assistance.

With Hurd's hiring, Wayman has returned to the CFO spot, though for some time he has indicated an interest in retiring. Wayman also remains on HP's board.

For fiscal 2004, Wayman received $975,000 in salary and $546,342 in bonuses, as well as restricted stock and stock option grants.

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I don't understand
I don't understand how a once large and respectable company like HP can claim that they are experiencing financial issues because of slowed economy. They clearly don't have there morals straight. They should put more investment in Education, Research and Development and their employees development, instead of outsourcing somethings and spending millions of dollars to pay OLD, TIRED, OUTDATED, AND HAS BEEN CEO's & CFO's. If these CFOs and CEOs think that they make the difference, well then do your jobs and lead, and train your employees, don't give up. I understand that they are entitled to a severance pay but millions of dollars to let your leader quit is discusting. It appears to me that too many leaders think that they deserve more than the people that actually do the research and development, as well as building, delivering, and actual sales to customers. That kind of thinking is what is destroying this country.

Like I said more money needs to be poured into our education system, but at the same time we need more educators that actually help the children instead of taking advantage them and expecting them to respect us adults.

We need more hard working CEOs and CFOs that don't quit because they can't get there workers motivated to produce and or consumers to buy. I understand that a person can only do there best and if their best is not good enough, they should find someone better, but quiting and then getting a million dollar severence is just morally wrong.
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I don't understand
I don't understand how a once large and respectable company like HP can claim that they are experiencing financial issues because of slowed economy. They clearly don't have there morals straight. They should put more investment in Education, Research and Development and their employees development, instead of outsourcing somethings and spending millions of dollars to pay OLD, TIRED, OUTDATED, AND HAS BEEN CEO's & CFO's. If these CFOs and CEOs think that they make the difference, well then do your jobs and lead, and train your employees, don't give up. I understand that they are entitled to a severance pay but millions of dollars to let your leader quit is discusting. It appears to me that too many leaders think that they deserve more than the people that actually do the research and development, as well as building, delivering, and actual sales to customers. That kind of thinking is what is destroying this country.

Like I said more money needs to be poured into our education system, but at the same time we need more educators that actually help the children instead of taking advantage them and expecting them to respect us adults.

We need more hard working CEOs and CFOs that don't quit because they can't get there workers motivated to produce and or consumers to buy. I understand that a person can only do there best and if their best is not good enough, they should find someone better, but quiting and then getting a million dollar severence is just morally wrong.
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