HP CEO Leo Apotheker hasn’t done a very good job since he was promoted to the top slot last year.You can tell because the board is debating whether or not to fire him in public.
Don’t feel bad for Leo though. He’s still making out “like a bandit,” says CNBC Senior Stocks Commentator Herb Greenberg on Google+:
If he is kicked out of Hewlett Packard, CEO Leo Apotheker, hired November 1 of last year, will have made a killing.
By my calculation, after a scan of his employment contract (http://1.usa.gov/b1FQb9), he will get a total of at least $9.4 million, including his relocation and signing bonuses.
His severance, if fired without cause, he would get two-times his sum base salary of $1.2 million (or $2.4 million) plus his average bonus received over the period of his employment, with payments made in equal installments over 18 months.
He’ll also get restrictions released on stock grants; he received 76,000 HP shares.
And let’s not forget: He received $4.6 million in relocation benefits; and based on the agreement, as long as he was been employed longer than 60 days, he can keep it all.
He also received a signing bonus of $4 million, though he would have to repay a pro-rated portion of it if he loses his job within the first 18 months. (I’m estimating that’s around $2.4 million.)
Not bad for a year’s work! Assuming of course, if he is fired, it isn’t for cause.
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