Hewlett-Packard gave its boss, Mark Hurd, $25.4 million in cash last year, including a $1.45 million salary and $23.9 million in bonus money, according to compensation figures contained in the company’s proxy which it filed late on Inauguration Day.
Throw in stock awards that the company valued at $7.9 million, and don’t forget $738,392 in other miscellaneous items, including $98,000 worth of dividends paid on his restricted stock holdings and $71,482 of “relocation” compensation paid out to Hurd, who joined the company more than three years ago.
HP’s proxy presents the 2008 compensation two ways and comes up with different totals, depending on how you count it up. According to the compensation committee’s view of things, they paid Hurd $23.3 million during fiscal 2008. However, the company reported compensation paid to Hurd of $42.5 million, including incentive payments earned from prior years but paid in 2008.
Either way, it’s a lot of money.
Hurd exercised options for 400,000 shares last year, which he sold, making $10 million in the process. Also, 336,666 restricted shares due him vested, worth $15.7 million at that time. They are now his, free and clear.