Carleton S. Fiorina, the former chief executive of Hewlett-Packard, will receive a severance package worth about $21.4 million, and stands to gain at least $21.1 million more.

The additional amount reflects the estimated value of her pension, stock options and Hewlett stock holdings, which the company did not include in her severance package.

Ms. Fiorina was forced to resign Tuesday after the board concluded that she failed to reverse Hewlett's sagging stock price and accelerate the company's turnaround after the merger with Compaq Computer.

She will receive $14 million in severance pay, according to terms of the agreement submitted yesterday in regulatory filings.

She will also receive a $7.38 million bonus for meeting certain performance goals in 2004 and the first quarter of this year, even though on Wednesday the board singled out Ms. Fiorina's failure to accelerate the company's strategy.

In addition, Hewlett agreed to pay her $50,000 for legal, financial and career counseling and will continue her health and personal security benefits for about a year.
Full story...


Source : NYTimes

maaan that's why i hate business and all... if an executive of a big corporation leaves or is fired he gets a big fat check.
but that's nothing, if a corporation goes bust, the the executives are in for a treat...

the world of business is just so surreal... if you fail you are rewarded, if not then you just have a steady income

that's just not right

(in reply to SiliconFreak)

Welcome to todays world...its just a dirty cheating game....where 95% of money(earned by hardworking people) goes to top 5% of people whose only "hard" job is to just sit and drink coffee all days long... Sad but true...but hardworking people never (or VERYYYYY rarely) become millionaires...

(in reply to semo)

yeah, that seems about right. if i just add one more statistic

95% of people whose job is to just sit and drink coffee all day long are not millionaires
it ain't that easy unfortunately, believe me, i've tried it

(in reply to SiliconFreak)

Hahahaha...thats because You were in the wrong category...sorry...but You should know that You always need to stick with those 5% (no matter in which category You look)...just dont go with the flow (of those 95%)...cause they will 100% miss their golden chance to become millionaires...

Try again...You'll see I am right...

(in reply to semo)

quote:

ORIGINAL: semo

maaan that's why i hate business and all... if an executive of a big corporation leaves or is fired he gets a big fat check.
but that's nothing, if a corporation goes bust, the the executives are in for a treat...

the world of business is just so surreal... if you fail you are rewarded, if not then you just have a steady income

that's just not right

Agreed. I cannot believe these people who are supposed to be the board members actually voted for this. No one person is that important...not one! Can you believe that she's going to get the additional $50k for the legal and career counseling? WTF?

This is another reason why I will never recommend HP...not to mention that I've had terrible experiences with their desktops & laptops...
I don't even buy official HP ink...just buy the remanufactured ones from Staples.

Also the whole bit about meeting goals is so ridiculous. They're always stupid and assinine (sp?) things that probably have nothing to do with her real job there. Last time I checked, if a person wasn't doing their job, they got fired. Now we give them millions of dollars and say please don't bad-mouth us?

This makes me so angry, probably even more so because my brother just got layed off from D&B...they screwed him on additional severance because they haven't been giving out raises & bonuses for the past couple of years...like $2k short of the magical cut-off. And this be0tch gets 40+ million...

(in reply to semo)

Whether company makes good or bad income, the poor "Joe Average" worker (as bottom 95%) gets cut down...
Whether company makes good or bad income, the executives (as being top 5%) gets raises, bonuses and "golden handshakes"...

Anything wrong in that picture?!

(in reply to tqhoang)