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21 Jan 2009
Comments:4
HP’s chief executive Mark Hurd has been handed a $42.5m (£30.8m) annual pay package after delivering three years of above-par growth for the technology giant.
Since Hurd took the reins from Carly Fiorina in 2005, HP has ousted Dell from the top of the global PC standings, tripled its profits and added more than $30bn in sales.
For this “exceptional and sustained” performance, Hurd snagged $23.9m in performance-based cash bonuses in 2008, according to a regulatory filing.
Further reading
This comprises a $5.3m bonus and $18.6m in non-equity incentive plan compensation and is almost twice the $13.3m bonus he netted the previous year.
Hurd also pulled in $12.9m in stock awards and $1.5m in salary and $4.2m in option awards, pension payments and expenses.
HP achieved a 19 per cent year-on-year rise in sales to $33.6bn in its fiscal fourth quarter to 31 October and Hurd claimed it had been a solid performance.
Still, even HP has been hit by the slowdown with recent Gartner figures showing the vendor suffered its lowest year-on-year growth in PC sales in the final calendar quarter of 2008.
According to the market watcher, HP shipped 19.1 per cent of all PCs during the quarter, up from 18.7 per cent a year earlier.
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Do you agree?
At the expense of the employees....
This bonus is shocking considering the amount of staff who have been made redundant. Adding to that the recent announcement that HP employees are going to receive pay cuts!
Posted by Annon | 04 Mar 2009
Well Done Mark!
Isn't it truly refreshing to see success amidst the standard 'doom and gloom' stories that we are all reading these days?
A positive outlook, constant innovation and an adaption to the market conditions are what's needed for success.
Posted by Mark | 02 Mar 2009
PRIORITIES...WHAT A LAUGH !!!
How nice for Mr Hurd getting his £30m bonus whilst in the mean time EDS/HP are getting rid of 26000 postions world wide , 3600 of which in the UK, How many jobs could have been kept if his bonus was even halved !!!!! Discusting
Posted by EDS employee | 28 Jan 2009
shocked!
I am very shocked and disgusted by the amount of money mark hurd is recieving in payrises and bonus's while the company is making 24000 employees redundant, i think this is absolutely outrageous, maybe top managers of companies should start to look after their employees more who work hard for them insted of thinkin about themselves and their big fat pay check!
Posted by EDS EMPLOYEE | 28 Jan 2009
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