HP’s CEO GETS A $8.6M BONUS IN 2006

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HP’s CEO GETS A $8.6M BONUS IN 2006

 user 2007-01-24 at 2:59:00 pm Views: 45
  • #17245

    HP CEO Gets $8.6 Million Bonus in 2006
    SAN
    JOSE, Calif. (Jan. 07) – Hewlett-Packard  Co. said Tuesday that CEO
    Mark Hurd received an $8.6 million bonus in 2006, a year of strong
    performance but one plagued by scandal over its shady boardroom spying
    antics.In its proxy filing with the Securities and Exchange Commission,
    HP said Hurd received the bonus on top of his $1.4 million base salary
    for his strong leadership in helping the company grow and become more
    efficient.The computer and printer maker surged past International
    Business Machines Corp. last year to become the world’s largest
    technology company.HP’s stock price has risen 95 percent since Hurd
    became CEO in April 2005, creating an additional $52 billion in
    shareholder wealth. HP’s stock rose 29 cents to close Tuesday at $42.31
    on the New York Stock Exchange.The year proved to be a double-edged
    sword for HP, as investors applauded the company’s gangbusters
    operational efficiency.But Hurd briefly came under scrutiny when the
    company’s shady surveillance scheme to ferret out the source of
    boardroom leaks to the media also became public.Hurd said he didn’t
    know about the deceptive tactics used to unearth the private phone logs
    of HP board members, journalists and their family members. He was not
    charged in the case, but felony charges were filed in California
    against former Chairwoman Patricia Dunn, former ethics chief Kevin
    Hunsaker, and three outside investigators.Investors largely ignored the
    scandal, focusing instead on major operational milestones for the Palo
    Alto-based company.In fiscal-year 2006, HP cracked $90 billion in
    annual revenue for the first time in the company’s history. Its $91.7
    billion in revenue was slightly more than IBM ‘s $91.4 billion.HP’s
    strong sales of personal computers helped fuel much of that growth, as
    the company snatched the No. 1 ranking in worldwide personal computer
    shipments from Round Rock, Texas-based rival Dell  Inc., according to
    data from market research firms Gartner Inc. and IDC.Hurd’s award for
    the year also included options on 500,000 shares of HP stock, according
    to the filing.The company said Hurd’s compensation was justified “based
    on HP’s achievement of significant financial and restructuring goals
    during fiscal 2006, Mr. Hurd’s role in leading HP to these strong
    financial results, and Mr. Hurd’s attainment of nonfinancial
    performance goals.”