By Suzanna Kerridge, 4 March 2002 14:25
NEWS HP's compensation board has hit out against allegations made by Walter Hewlett that HP CEO Carly Fiorina could make $57m in the upcoming merger with Compaq. Two leading board members, Sam Ginn and Phil Condit, accused HP's chief rival of making deliberately misleading statements in an open letter. "You imply there is an agreement or understanding regarding terms of future executive employment agreements when you know there is none," said Ginn and Condit in their joint letter. They claimed HP was not under any obligation to negotiate, consider, offer or agree to any specific terms for Fiorina as suggested by Hewlett. They said executive compensation terms for Fiorina had been discussed and rejected. "At a time when shareowners should expect transparent and reliable disclosure from public companies, your behaviour is extremely suspect and unacceptable," they warned. Ginn and Condit accused Hewlett of putting his own personal agenda before the interests of HP and shareholders.
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