New HP CEO to bank salary of $1.2 million

By Reuters
Posted Oct. 1, 2010 at 8:17 a.m.

Hewlett-Packard Co. will pay its new chief executive Leo Apotheker an annual salary of $1.2 million, plus a signing bonus of $4 million, to lead the technology powerhouse after a scandal toppled its last chief executive.

Apotheker, the former chief executive of the German software company SAP, will also be granted 76,000 shares of restricted stock, according to an HP regulatory filing Friday. Restrictions are due to be released on 50 percent of the shares on Oct. 21, 2011.

Apotheker’s annual bonus will be at least 200 percent of his base salary, with a cap at 500 percent.

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