October 01, 2010, 12:17 PM — Hewlett-Packard on Friday disclosed details about the compensation package given incoming CEO Leo Apotheker in a filing with the Securities and Exchange Commission.
Here's what the 57-year-old native German and former SAP chief executive is in line for:
* $1.2 million annual base salary
* $4 million signing bonus
* Eligible for up to $6 million in bonuses
* 156,000 shares of HP stock and 728,000 "performance-restricted" units (vested over two and three years, respectively)
* $2.9 million for relocation expenses ("Hello, U-Haul? I'm gonna go ahead and cancel that truck rental.")
* $1.7 million to compensate for forfeiture of payments from SAP for taking the HP job
Apotheker's total compensation for the next three years, based on Thursday's HP closing stock price, is worth up to $53 million, according to CNNMoney.com.
This compares favorably to HP's former CEO, Mark Hurd, who was hired in 2005 for an annual salary of $1.4 million and a signing bonus of just $2 million. Not only that, Hurd's relocation package was a paltry $2.75 million.
How can you move anywhere on that kind of money?