By Andy McCue, 14 February 2005 12:55
NEWS Ousted HP CEO Carly Fiorina is set to walk away from the company with a cool $21m golden handshake, according to a filing with the US Securities and Exchange Commission (SEC).
Out of that severance package $14m will be paid in a base salary related cash settlement plus a further $7.38m in performance bonuses.
On top of that Fiorina receive another $50,000 for financial advice and legal services, one year's home security protection, six months of administrative support and use of her company PC and laptop and technical support for three months.
Fiorina left HP last week after a disagreement with the board over the direction of the company. Fiorina has been criticised over her leadership of the post-Compaq-merger company and the market delivered its verdict with HP stock rising 10 per cent immediately after the news of her exit.
silicon.com readers have backed HP's decision to get rid of Fiorina. Almost half (48 per cent) of our readers polled last week said they thought Fiorina's exit would be good for HP. Only 17 per cent said it wouldn't, followed by 16 per cent who didn't know. Another 19 per cent simply said they "don't care".
HP is due to report its first-quarter results this Wednesday, 16 February.
Comments
There are 2 comments. Join the discussion
1. anonymous
The payment is entirely proportional to her ego.
2. Malcolm Ripley
£21m for being poor at your job wow that's a really good incentive to be good at your job isn't it.....not. Even £21m for being good at your job is immoral. We are being told , by these people at the top, that high wages are necessary to attract the talent for the good of the company. Cases like this prove that that argument is total ...... (insert appropriate colloquism).