Hewlett-Packard Company's Meg Whitman received nearly $15.4m in the 2012 fiscal year, her first full year as chief executive officer, receiving only 70 per cent of her targeted compensation as it posted a net loss for the year.
Whitman, who took a salary of $1 last year, reaped a performance-related bonus of $1.7m, more than $7m in stock awards and $6.4m in options, Hewlett-Packard said in a filing on Saturday. Whitman, who was already on the board, became CEO in September 2011, just before the end of that fiscal year. In that period, her compensation was $16.5m.
Bloomberg reports that shares of Hewlett-Packard have declined by 39 per cent in the past year, as Whitman works to turn around the world's biggest supplier of personal computers after five straight quarters of declining sales and years of botched deals, management tumult and strategic missteps.
Some units may be disposed if they don't meet goals, the company said in a January 1, filing with the Securities and Exchange Commission.
The stock decline has reduced some executives' pay from previous years, according to the filing. The final amount of certain restricted stock awards for Hewlett-Packard executives granted in November 2009 depended on the company's share price performance against the Standard & Poor's 500 Index over three years.
The company underperformed the index by a large enough amount that the executives received none of the stock. It fell by 70 per cent after dividends in the period, while the S&P 500 returned 45 per cent.
Hewlett-Packard overhauled the compensation program last year and scrapped the practice of comparing the company's stock performance to set pay.
