£8.3m package for sacked HP boss Leo Apotheker

Sacked Hewlett-Packard chief executive Leo Apotheker is walking away with more than $13m (£8.3m) in cash and stock after an 11-month reign that saw the technology's company market value plunge by nearly $40bn (£25bn).

Mr Apotheker's parting package includes a $7.2m severance payment and a $2.4m bonus for his performance while he was chief executive.

He will also keep restricted stock currently worth about $3.7m. The value of his other stock awards will depend on how the company fares in the next few years, according to documents filed yesterday.

Hewlett-Packard will also cover Mr Apotheker's expenses for an anticipated move to France or Belgium.

Meg Whitman, HP's new chief executive, is being paid a base salary of just one dollar a year - but she could earn a bonus of up to six million.

PA