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HP gives CEO a $1.5m pay rise amid worldwide layoffs

Let them eat cake
Wed Dec 18 2013, 15:05
HP's Meg Whitman

SELLER OF EXPENSIVE PRINTER INK HP's CEO Meg Whitman has been given a pay rise of $1.5m, despite ongoing job cuts and protests at the firm, as the giant enterprise IT company starts to show signs of recovery under her leadership.

A filing with the US Securities and Exchange Commission (SEC) noted that Whitman will draw a £1.5m salary for the year, on top of her stock options, having previously earned a symbolic $1 per year salary.

The firm said it did this to "bring Whitman's salary to a competitive level among the salaries of the chief executive officers of HP's peer companies".

The pay increase is backdated to 1 November 2013 and comes amidst an ongoing turnaround at HP that has seen the firm post a $1.4bn profit in the last quarter as it managed to improve its results in several core areas.

However, news of the pay rise likely will anger many HP workers worldwide as the firm makes huge layoffs around the globe. The Unite union claims that over 1,100 jobs will be cut in the UK.

Spanish workers also recently protested outside the firm's annual Discover event in Barcelona, angered at job cuts the company is making in the country.

HP has gone through some turbulent times recently and is embroiled in a legal dispute with its own Autonomy subsidiary over accounting practices that allegedly overvalued the company. Autonomy founder and former CEO Mike Lynch has denied any wrongdoing. µ

 

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