United States - HP CEO’s salary soars
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Hewlett-Packard is giving CEO Meg Whitman a huge pay raise as she enters the third year of her attempt to turn around the slumping personal computer and printer maker. Documents filed on Tuesday disclose that Whitman’s annual salary is soaring to US$1.5 million from US$1. The raise is retroactive to November 1, the start of HP’s budget year.
Whitman is a billionaire who had agreed to limit her salary to US$1 annually when HP hired her as CEO in 2011. The sacrifice came as HP prepared to eliminate nearly 30,000 jobs to offset a drop in revenue from declining PC sales.
HP’s revenue is still falling, but its stock has risen by 20 percent since Whitman took over.
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