April 5, 2005 1:32 PM PDT
HP earmarks $3 million bonus for interim chief
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.
2 commentsJoin the conversation! Add your comment