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HP CEO Whitman Made $17.6 Million Last Year

Also: Chairman Ralph Whitworth owns shares worth $865 million, HP's proxy filing shows.

Hewlett-Packard CEO Meg Whitman made a combined $17.6 million in cash and stock options as the head of the computing giant of which she has been CEO since 2011.

The disclosure came in HP’s annual proxy filing with the U.S. Securities and Exchange Commission, made public today.

Most of her compensation came in the form of stock options worth $12.7 million, including a bonus and stock awards worth $4.4 million. Her base salary during 2013 was one dollar. But as HP revealed late last year, she’ll earn a base salary of $1.5 million in 2014.

Bill Veghte, HP’s former COO and current executive VP and head of its Enterprise business unit, earned a combined $15.6 million including stock options worth nearly $10 million, share awards worth $3.4 million, a $1.1 million bonus and a base salary of $867,000. Veghte replaced Dave Donatelli, who was reassigned in a management shake-up over the summer.

Dion Weisler, the new head of HP’s PC and printing business unit, earned a combined $9.2 million, including options awards worth $3.4 million and a $2.3 million bonus. Todd Bradley, the former head of that division who was reassigned in June, made a combined $9.3 million including stock options worth $5.6 million, the filing shows.

The filing also shows that Ralph Whitworth, the activist investor who HP tapped as chairman on an interim basis after former chairman Ray Lane stepped down, continues to own more shares of the company than any other executive or director. Through his firm Relational Investors, Whitworth owns 29.8 million shares of HP, or about 1.6 percent of the company, making Relational HP’s fourth largest shareholder. As of Friday’s closing price, the shares were worth more than $865 million.

The size of Relational’s investment in HP has declined. Previously the firm had owned 34.5 million shares.

HP shares rose by more than 96 percent during 2013, while sales declined by about seven percent to about $112 billion.

This article originally appeared on

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