Leo Apotheker, the recently fired CEO of Hewlett-Packard, will take with him more than $13 million in cash and stock as part of his severance agreement, according to an SEC filing.
Apotheker's pay package includes a $7.2 million severance payment and a $2.4 million bonus for his performance while he was chief executive. In addition, he will keep restricted stock currently valued at about $3.7 million.
The company will also reportedly cover expenses related to his anticipated move back to Europe. Moreover, he will be compensated for any losses he incurs in connection with the sale of his house in California.
Indeed, he will receive more money than his successor Meg Whitman, who will get a $1 annual salary -- although she has the option to purchase 1.9 million HP shares and will also be eligible for a performance bonus of $2.4 million in 2012.
Apotheker was fired after serving only 11 months in charge of the company – but his term was stormy and he was unable to stop the relentless decline in HP share prices. Among other perceived transgressions, he planned to spin-off the company’s PC business and made an unpopular and very pricey deal to acquire a British software company called Autonomy.
As well as Apotheker is making out, it pales in comparison with the payout his predecessor Mark Hurd received,
Hurd, who was forced out in August 2010, walked away with a package estimated at about $34.6 million.