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HP CEO Lores Earned $19.46 Million in 2023 = 270,315 HP Toner Cartridges.
HP, a global leader in digital services and print and imaging solutions, has announced some changes in its Corporate Officers, effective from April 1, 2024. The changes include the compensation of its CEO, Enrique Lores, who received $19.46 million in 2023, a 7 percent decrease from the previous year. However, HP says that Lores was “actually paid” $12.86 million, which is higher than the $11.85 million he received in 2022.Lores, who has been the CEO of HP since November 2019, saw his base salary increase by $50,000 to $1.3 million, his stock and options awards amount to $15.86 million, and his non-equity annual incentive plan reach almost $2 million. He also received more than $300,000 in other compensation, such as security and travel expenses.
Lores’ pay package comes at a time when HP faced a 15 percent decline in revenue to $53.7 billion in 2023, due to the impact of the COVID-19 pandemic on its PC and printer businesses. HP also reduced its expenses by $8 billion to $50.26 billion, resulting in a slight increase in net income to $3.262 billion.
HP is hoping to boost its performance in 2024 by focusing on artificial intelligence (AI) in its PC products, and by locking its customers into its ink subscriptions in its printer products. HP is also continuing its cost-cutting plan that started in 2023, which could affect up to 6,000 employees.
According to HP, the average pay for its 58,000 employees in 2023 was $67,816, which means that Lores earned 287 times more than the average worker. Lores might want to convince the shareholders that he is worth the investment, as he has stated that he dislikes bad investments.
For more details, please see the original article here.
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