Incoming Hewlett-Packard CEO Mark Hurd will get a $2 million signing bonus and a $1.4 million salary for taking the helm at HP, but he stands to make far more if he can successfully boost the company's flagging share price.
According to documents filed late Tuesday with the Securities and Exchange Commission, HP's new CEO will receive 700,000 HP stock options and stand to earn tens of millions of dollars more as part of short-term and long-term bonus programs. The options will vest over a four-year period.
The 48-year-old executive will be given an additional 400,000 stock options and 450,000 shares of restricted stock to make up for the equity compensation he gave up when leaving NCR. The stock will vest over three years. The restricted shares alone have a value of more than $8 million.
Hurd, who became NCR's top executive in March 2003, took home roughly $2 million in salary and bonuses last year at NCR, up from about $1.5 million the prior year, according to NCR's most recent proxy statement.
Hurd will also be given a $2.75 million "relocation allowance" in moving from NCR's Dayton, Ohio, headquarters.
Among more minor benefits spelled out in the pact are Hurd's allotment of time off: He is to get no less than five weeks of paid time off each year. In addition, he is entitled to other benefits given to HP executives, such as financial counseling and executive physicals.
Hurd's employment contract also outlines what should happen if things don't work out at the computer maker. According to his contract, Hurd stands to receive a one-time cash payment equal to 2.5 times Hurd's then-current base salary plus his target bonus amount. Hurd would also benefit from continued health benefits, the vesting of all stock options and partial vesting of restricted stock.
Former HP CEO Carly Fiorina received more than $21 million in severance when she left HP earlier this year. In fiscal 2004, Fiorina received $1.4 million in salary and $1.57 million in bonuses. The year before, Fiorina made $1.24 million in salary and $2.1 million in bonus.
I don't wanna bust his chops, but the devil you do is better than the devil you don't. Working on it is'nt cutting the mustard. But Mark has to show them a little bit of leg. I know he can't suck and blow at the same time so. I would give him a belfast handshake anytime! He is smarter than a streecar boy.
I don't wanna bust his chops, but the devil you do is better than the devil you don't. Working on it is'nt cutting the mustard. But Mark has to show them a little bit of leg. I know he can't suck and blow at the same time so. I would give him a belfast handshake anytime! He is smarter than a streecar boy.
Web giant is spending $120 million to beef up its Mountain View, Calif., headquarters, according to filings with the city reviewed by the San Jose Mercury News.
The Samsung Galaxy Mini 2 S6500 could make its debut at the Mobile World Congress in Barcelona later this month, according to a leaked promotional image.
MIT creates a simulation to celebrate the 50th anniversary of Spacewar. A relic of the early days of minicomputers, it was one of the first computer video games and set the stage for many others, including Asteroids.
I would give him a belfast handshake anytime!
He is smarter than a streecar boy.
I would give him a belfast handshake anytime!
He is smarter than a streecar boy.