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Carly may get $42 million
Severance of $21.4M excludes another $21M in options, restricted stock and pension: report.
February 12, 2005: 4:16 PM EST
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Carly Fiorina, forced out as CEO of Hewlett-Packard this week.

NEW YORK (CNN/Money) - Ex-Hewlett-Packard CEO Carly Fiorina will get a severance package worth about $21.4 million, but stands to reap another $21 million after she was forced out by the computer maker's board last week, a newspaper reported Saturday.

The additional amount reflects the estimated value of her Hewlett stock and options as well as her pension, which were not included in her severance package, the New York Times reported.

Fiorina was forced to resign Tuesday after the computer maker's board concluded she hadn't boosted Hewlett's (Research) sagging stock or its fortunes after the company's merger with Compaq Computer.

She will receive $14 million in severance pay and a $7.4 million bonus for 2004, according to terms of the agreement submitted Friday in regulatory filings -- even though Wednesday the board singled out her failure to accelerate the company's strategy, the newspaper reported.

But more than $21.1 million in additional compensation was not reflected in the severance package, the report said.

This includes options granted in 2003 now worth about $1 million, restricted grants of about 826,000 shares that, coupled with her other Hewlett holdings, have a current market value of $18.2 million, and a pension that compensation specialists said could be worth at least $2 million, according to the newspaper.

HP officials were not immediately available to comment.  Top of page

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