Hewlett-Packard Co. has appointed Leo Apotheker as its new CEO. He is a man from sales background and worked as a SAP executive for more than 20 years. He is known for its tough decision-making capability.
As per some sources, the new leader will be rewarded quite fairly. His remuneration will also exceed the one given to the ex-CEO Mark Hurd. Mr. Hurd gave his resignation in August, when he was alleged to breach H-P's code of business conduct.
According to an analysis by James F. Reda Associates LLC, the beginning pay package of Mr. Apotheker could be as much as $51.8 million, which has been calculated taking into consideration the H-P's closing share price of $40.07 on Friday. The amount of the package would make him the first executive of the ongoing fiscal year to be highly paid. On the other hand, the pay package of Mr. Hurd in 2005 was around $32 million.
The basic pay of Mr. Apotheker would be $1.2 million, along with the yearly bonus worth $6 million. Mr. Hurd’s beginning pay was $1.4 million, with bonus of up to $8.4 million. But, the overall equity package is higher for Mr. Apotheker.
Mr. Apotheker also served as co-CEO for a year in SAP and for seven months, he remained CEO of the Company. In February, he resigned from the post.
John Schwarz, who was a member of SAP's executive leadership, said, "Leo is a visionary leader and one who is not afraid to take on big challenges".
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