HP raises CEO Whitman's salary to $1.5M from $1

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Associated Press

Posted on December 18, 2013 at 12:06 AM

Updated Wednesday, Dec 18 at 12:06 AM

SAN FRANCISCO (AP) — Hewlett-Packard is giving CEO Meg Whitman a huge pay raise as she enters the third year of her attempt to turn around the slumping personal computer and printer maker.

Regulatory documents filed Tuesday disclose that Whitman's annual salary is soaring to $1.5 million from $1. The raise is retroactive to Nov. 1, the start of HP's fiscal year.

Whitman is a billionaire who had agreed to limit her salary to $1 annually when HP hired her as CEO in September 2011. The sacrifice came as HP prepared to eliminate nearly 30,000 jobs to offset a drop in revenue from declining PC sales amid a shift to mobile computers.

HP's revenue is still falling, but the company's stock has risen by 20 percent since Whitman took over.

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