CHICAGO Jan 12 Chief executive Meg Whitman
received compensation worth about $15.4 million in 2012 as
Hewlett-Packard Co. posted a net loss in her first full fiscal
year in charge, according to a federal proxy filing.
Whitman's base salary was just $1. Her bonus was $1.7
million, while the remainder of her compensation was granted in
the form of Hewlett-Packard stock options, stock awards
and other income, according to the proxy filed with the
Securities and Exchange Commission on Friday.
Her compensation was about 70 percent of previous targets,
as the company posted a net loss.
Whitman - the former EBay executive and one-time Republican
candidate for California governor - took over as HP's chief
executive in the fall of 2011, at a time when the hardware
manufacturer had been rocked by a decade of troubled deals,
corporate espionage and allegations of sexual harassment in the
Since taking over the reins, Whitman has tried various
strategies to turn around the Silicon Valley titan, including
plans to cut an estimated 29,000 jobs over the next two years
and reverse a previous corporate decision to spin off HP's PC
But years of corporate tumult, and the company's shares
dropping by nearly 39 percent in the past year, has had
investors putting the company's board under intense scrutiny.
Whitman is ranked 285th on the Forbes list of the top 400
richest people in America, and 18th on the Forbes list of the
World's 100 most powerful women.
CHANGES TO EXECUTIVE PAY
That drop in stock price, too, has cut some of HP's
executive pay in the form of restricted stock awards from
earlier years, according to the proxy filing. The payment of
these awards were tied to the firm's per-share performance
against the Standard & Poor's 500 Index over a period of time.
HP changed its compensation program last year, and is now
giving stock options that vest if the company's stock price
meets or exceeds specific goals or thresholds.
Also, according to the proxy filed Friday, HP said it will
offer up a new policy proposal that will allow large
shareholders to have the ability to nominate directors - rather
than just voting for a panel of directors nominated by the
The measure will be voted on at the company's annual
shareholder meeting held on March 20, at the Computer History
Museum in Mountain View, California.
Sales of personal computers fell for the first time in more
than five years in the Christmas holiday season, as Microsoft
Corp's Windows 8 operating system failed to excite buyers and
many consumers instead opted for tablet devices and smartphones,
according to a recent study by tech industry tracker IDC.
The slump capped a year of waning sales for Hewlett-Packard
and rival PC makers such as Dell Inc with no immediate
signs of relief.