The troubled maker of expensive printer ink, HP’s Chief Executive Meg Whitman has given up her symbolic $1 salary and now draws an annual base salary of $1.5 million.
Whitman, HP’s third CEO in four years, is steering the Silicon Valley giant through a years-long restructuring and, to be fair, has managed to make some significant improvements at the outfit.
Investors have since credited her for bringing much-needed stability to HP, even as she tries to turn the outfit around through layoffs, cost cutting and expansion into enterprise computing.
Her new salary started being paid on November 1 and is apparently a competitive level among the salaries of the chief executive officers of HP’s peer companies.
The $1 salary was a publicity stunt which was copied from Apple. While Whitman drew a salary of only $1 in 2012, her total compensation was $1.99 million, including a $1.69 million bonus and vested stock and options.
While the stock price at HP has risen it is still nothing like it was in the glory days of CEO Mark Hurd. During that golden age the company had piles of cash and it was possible for a CEO to attempt to date a soft porn star on expenses. Don’t mention Princess Carly Fiorina.