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HP's Whitman Took Home $19.6 Million Last Year

The CEO also has stock and options worth almost $160 million.

Hewlett-Packard CEO Meg Whitman, the executive who is engineering a split of the 76-year-old computing giant, was paid a combined $19.6 million in salary, stock and bonuses in 2014, up from a combined $17.6 million in 2013.

The details of her compensation were revealed in HP’s annual proxy filing made with the U.S. Securities and Exchange Commission today.

Whitman’s pay included an incentive bonus worth $4.3 million in addition to a base salary of $1.5 million annually. (Whitman’s base salary had been one dollar in the prior two years. The company’s board raised her salary last year after determining that her turnaround plan, begun in 2011, had started to work.) It also includes HP shares that were worth $8.1 million as of January 15, 2014, and options to acquire HP shares worth $5.4 million.

The filing shows that in her years at HP, Whitman has amassed stock and options awards amounting to 4.4 million shares, which on paper are worth nearly $160 million as of HP’s closing price on Friday. Most of that is in the form of options that Whitman has the right to acquire at some time in the future. According to data compiled by Thomson Reuters, she directly owns 328,964 shares worth about $12 million as of Friday’s closing. Forbes Magazine pegs her total net worth at $2 billion, about half of that from her shares in eBay, where she was CEO from 1998 to 2007.

By comparison, Whitman’s pay was higher than what IBM CEO Ginni Rometty was expected to make, according to a filing last year. In a regulatory filing on Friday, IBM said Rometty received a base salary of $1.5 million and a bonus payment of $3.6 million, and long-term equity awards worth $13.3 million. Oracle’s Larry Ellison received $67.3 million in 2014, his final year as CEO, almost all of it in Oracle shares.

Dion Weisler, an HP executive and head of its printing and personal systems group who will be CEO of HP Inc. after the split later this year, was paid a combined $13.5 million. That included a base salary of $831,000, stock and options awards worth $5.6 million and an incentive bonus worth $1.7 million. He was also entitled to a tax benefit worth $5.6 million connected with his move from Singapore to HP’s headquarters in Palo Alto, Calif. His compensation rose from $9.2 million in 2013, the year he was promoted to take over the printing and PC unit.

The filing also shows Dodge and Cox, the San Francisco-based investment firm that is now HP’s largest shareholder, controlling 9 percent of its shares. The Boston-based investment firm State Street Corp. was the second-largest shareholder, controlling 5.7 percent of the company’s shares.

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