$19.5 Million For Hewlett-Packard Company (HPQ)’s Meg Whitman
Meg Whitman, CEO at Hewlett-Packard Company (NYSE:HPQ), was awarded a good pay boost last year despite the company’s continued struggle and restructuring and layouts. Meg Whitman received more than $19.5 million in total compensation for fiscal year ended October 31, 2014. Whitman received $1.5 million in salary, around $4.3 million in cash bonus and $8.2 million in stock awards and $5.4 million in stock options. All told, her pay package was $2 million more than she received during fiscal 2013.
Even when she was taking $1 in annual salary, she took home more than $15 million in total compensation before 2014.
The news follows much discussed pay package of International Business Machines Corp. (NYSE:IBM) CEO Ginni Rometty, who received a $3.6 million bonus for the last year. She is also expected to drive more than $13 million in annual package this fiscal.
CEOs at both HP and IBM are leading the IT giants through transitions, and have suffered many challenges along the way. Both Whitman and Rometty required implementing some of the toughest decisions toward right-sizing the companies and strengthening the balance sheets. While their jobs were never easier, CEOs getting richer at the time while thousands of employees are losing their jobs is raising debate.
Whitman is guiding Hewlett-Packard Company (NYSE:HPQ) through a multi-year transition, including breaking up a company into two distinct businesses: an enterprise business, HP Enterprise and a printer-and-PC business, HP Co. HP Enterprise would then focus on rapidly expanding cloud business and associated software and hardware.
Under Whitman’s leadership, the company has also witnessed some of the biggest layoffs in the IT industry and is still expecting to cut over 50,000 jobs. Insiders fear more layoffs following the HP’s business reorganization into two separate entities.
On a positive note, Hewlett-Packard Company (NYSE:HPQ) ended fiscal 2014 with 3% YoY increase in net earnings to $7.1 billion and double the stock price since the start of 2013.
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