Whitman deal tops £9m as HP continues to streamline
Hewlett Packard boss Meg Whitman has been awarded shares, bonuses and stock options worth more than $15m (£9.3m) in 2012, despite writing off $8.8bn against the acquisition of Cambridge-based software company Autonomy.
The huge payout, which includes a base salary of just $1, comes as HP accuses the technology giant Autonomy of "serious accounting improprieties" when HP bought the former FTSE 100 darling in 2011. HP has confirmed that the US Department of Justice is looking at the charges and that details have also been given to the UK's Serious Fraud Office.
Autonomy founder, Mike Lynch, left the group in May when Ms Whitman – a one-time candidate to succeed Arnold Schwarzenegger as governor of California – reportedly forced him to go after poor financial numbers. However, Mr Lynch, who founded Autonomy's predecessor, Cambridge Neurodynamics, with a £2,000 loan in 1991, has denied and repeatedly hit back at the subsequent allegations. Last month, he said he "absolutely rejects" the claims and added that Ms Whitman "is not on my Christmas card list this year".
Ms Whitman is trying to arrest a dire performance, with declining revenue over five consecutive quarters. Already 29,000 jobs have gone as she streamlines the business.
As she assesses the future of some of the group's weaker businesses, Ms Whitman said last week that she needed five years to restore HP to its former glories, and conceded "some people don't like that answer".
As part of the remuneration package, Ms Whitman was granted a bonus of $1.7m out of a maximum award of $2.4m. She became chief executive in September 2011.
- 1 Liam Gallagher brands Kanye West 'utter s**t' during BRIT Awards performance
- 2 Isis burns thousands of books and rare manuscripts from Mosul's libraries
- 3 People who sleep more than eight hours are more likely to have a stroke, research shows
- 4 Kanye West climbs on table at Nando's to crowd chants of 'Yeezus' before Brit Awards 2015 performance of 'All Day'
- 5 New theory could prove how life began and disprove God
Ukraine crisis: Putin will cut gas to Europe unless Russia is paid by the end of the week
Liam Gallagher brands Kanye West 'utter s**t' during BRIT Awards performance
Isis burns thousands of books and rare manuscripts from Mosul's libraries
Mohammed Emwazi: Nine things we now know about man named as Isis militant 'Jihadi John'
Kanye West climbs on table at Nando's to crowd chants of 'Yeezus' before Brit Awards 2015 performance of 'All Day'
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£17000 - £25000 per annum: Recruitment Genius: An opportunity to join this new...
£18000 - £21000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£36000 - £44000 per annum: Recruitment Genius: Encouraging more businesses to ...