Former HP CEO Apotheker to get more than $9.6 million

Outgoing Hewlett-Packard CEO Leo Apotheker will get a severance payment of $7.2 million, plus a $2.4 million performance bonus and additional stock benefits, according to documents filed with the U.S. Securities and Exchange Commission on Thursday.

Apotheker was recently ousted from the top post at HP after spending just 11 months on the job. Meg Whitman, the former CEO of eBay, has taken over. She will receive a base salary of just $1 per year, the regulatory filing shows.

Apotheker made several decisions during his tenure that drew criticism, including one to spin off HP's PC division, which it announced before it had found a buyer. HP missed its financial targets for the past three quarters and its stock dropped by nearly half while Apotheker was CEO. Read more...