GO
Loading...

HP CEO gets big pay hike after 2013 stock rally

Tuesday, 17 Dec 2013 | 8:03 PM ET
Meg Whitman
Jacob Kepler | Bloomberg | Getty Images
Meg Whitman

Hewlett-Packard Chief Executive Meg Whitman gave up her symbolic $1 salary and now draws an annual base salary of $1.5 million, reflecting the 93 percent rise in the company's stock so far this year.

Whitman, HP's third CEO in four years, is steering the Silicon Valley giant through a years-long restructuring since inheriting in 2011 a company shaken by board changes, executive departures and fluctuating strategic decisions.

(Read more: Hewlett-Packard earnings beat estimates)

Investors have since credited her for bringing much-needed stability to HP, which she is trying to turn around through layoffs, cost cutting and expansion into fast-growing markets such as enterprise computing.

HP board approves pay increase for CEO Meg Whitman
CNBC's Dominic Chu reports the Hewlett-Packard board has approved a pay increase for CEO Meg Whitman to $1.5 million in annual salary, up from $1 million.

The new salary, effective November 1, "brings Ms. Whitman's salary to a competitive level among the salaries of the chief executive officers of HP's peer companies," the company said in a Securities and Exchange filing.

While Whitman drew a salary of only $1 in 2012, her total compensation was $1.99 million, including a $1.69 million bonus and vested stock and options.

(Read more: Desktop computers are not dead: HP's Whitman)

HP's stock, however, at Tuesday's close of $27.45, remains well off its 2010 high of above $50, prior to the departure of Wall Street favorite and former CEO Mark Hurd.

From the time Whitman joined in September 2011, HP's stock has risen just 14.5 percent compared with the S&P 500 index, which is up 51 percent over the same period.

Featured

Contact Technology

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More
  • Matt Hunter is the senior technology editor at CNBC.com.

  • Cadie Thompson is a tech reporter for the Enterprise Team for CNBC.com.

  • Working from Los Angeles, Boorstin is CNBC's media and entertainment reporter and editor of CNBC.com's Media Money section.

  • Jon Fortt is an on-air editor. He covers the companies, start-ups, and trends that are driving innovation in the industry.

  • Lipton is CNBC's technology correspondent, working from CNBC's Silicon Valley bureau.

  • Mark is CNBC's Silicon Valley/San Francisco Bureau Chief covering technology and digital media.