HP: Hurd gets Golden Hello, Carly got Golden Boot

Posted on March 31, 2005 
Filed Under Uncategorized

Hatchet woman Carly Fiorina got MORE money for leaving the HP than she would if she had actually performed.

Fiorina’s severance package was worth US$45 million.

Mark Hurd, is not just sailing in from NCR, he’s coming in on a Golden Yacht worth US$20 million. And that doesn’t even include his severance from NCR.[HP will reimburse Hurd for up to a 20 percent decline in the value of 850,184 NCR shares he owns]

From Washington Post, here’s the highlights:

• Signing bonus: US$2 million.

• Relocation benefit: US$2.75 million plus a mortgage interest subsidy for four years and temporary housing for one year.

• Stock grants: 1.15 million options valued by HP at US$6.9 million and 400,000 restricted shares valued at US$8 million.

• Free housing for a year and a four-year “mortgage interest subsidy.”

• No limit on the weight of household goods he chooses to ship to California.

• Annual salary of US$1.4 million, an annual bonus of at least US$2.8 million and as much as US$8.4 million, and long-term incentive payments of between US$4.2 million and US$12.6 million per year.

According to the employment agreement, Hurd will receive cash, stock and perks worth at least $20 million for simply walking in the door at HP.

Paul Hodgson, senior analyst at the Corporate Library: “This is exactly the same kind of contract they made for Carly when she started, and we saw what the result of that was,” Hodgson said. “Hurd is getting so much up front that is absolutely unrelated to his performance.”

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