The news of her compensation comes following HP’s reported loss during the fourth quarter of $6.9 billion last November
January 14, 2013 – Hewlett-Packard the printer and computer maker’s CEO Margaret Whitman was given compensation that was valued at nearly $15.4 million for her first complete year as the company CEO, even though the company reported a net loss.
In a regulatory filing, HP the Palo Alto, Ca. based company said Whitman had received nearly 70% of the targeted compensation for the fiscal year 2012 that ran through October 31, 2012, while the business was reporting a loss of more than $12.65 billion for the same year.
For 2012, the base salary for Whitman was $1 however she received a performance related plan bonus of more than $1.69 million that was not as much as her target of just under $2.4 million.
She also received stock rewards of $7.04 million and stock options of $6.41 million, according to the filing by HP with the SEC. In 2011, Whitman was compensated $16.52 million.
The news of her compensation comes following HP’s reported loss during the fourth quarter of $6.9 billion last November. HP announced last month that the Department of Justice in the U.S. had opened up an investigation that related to the company’s allegation of improprieties in the accounting of Autonomy, which HP purchased and has subsequently had to take a huge write down on.
Whiteman was appointed the CEO of HP in September of 2011 and has made sweeping changes in the organization for the last year and three months trying to make the company less costly and more efficient.
HP, in May of last year, announced it was planning to cut over 27,000 employees before the end of the 2014 fiscal year, as a way of restructuring that should generate savings annually of between $3 billion and $3.5 billion.
Other HP top executives such as Catherine Lesjak, the CFO, received compensation of $6.7 million during 2012, which was down from compensation in 2011 of $11 million.