HP awards new CEO Whitman with $16.5M pay package

SAN FRANCISCO (AP) – Hewlett-Packard Co. ushered in Meg Whitman as its CEO with a $16.5 million compensation package that hinges on the one-time politician’s ability to lift the stumbling technology company’s stock price during the next two years. Last year’s pay consists almost entirely of 1.9 million stock options valued at $16.1 million, according to documents filed Friday. Whether Whitman ever gets an opportunity to cash in most the options will depend on whether HP’s market value rises substantially from its depressed level when HP fired her predecessor, Leo Apotheker, as CEO last September.

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