Hewlett-Packard's former CEO Mark Hurd is walking away with severance and other grants worth an estimated $34.5 million—a number that could rise to more than $40 million, according to compensation experts.
Along with $12 million in cash severance, Hurd gets to keep $8.9 million in stock options, $12.7 million in performance-based stock units and, more than $600,000 in restricted stock units, according to James F. Reda & Associates, a provider of independent compensation consulting to boards of directors and top-level management.
Once medical and dental benefits are factored in, the amount surpasses $34 million, the firm said.
Hurd stepped down Friday after HP said he had falsified expense reports to conceal a relationship with a female contractor, who accused him of sexual harassment. HP's stock has plummeted since the company made the announcement after the market close on Friday.
Compensation experts see Hurd's total package rising to more than $40 million. That's because the company's fiscal year performance and a rising stock price into September will boost the value of Hurd's options and performance-based stock units.