Saturday, February 12, 2005

Carly leaves with her purse full

According to the proxy statement filed by HPQ Ms. Fiorina made out handsomely after being forced to resign by the board. Carly will receive a severance package worth about $21.4 million, and stands to gain at least $21.1 million more. Details below:

"HP will make a cash payment of $14,000,000 to Ms. Fiorina, which represents 2.5 times her base salary and targeted annual cash bonus. This amount will be payable six months after the date of the Agreement, together with interest at an annual rate of 2.78%. In addition, Ms. Fiorina will receive a payout of $5,880,000, which represents Ms. Fiorina's award for the 2003-2004 program year of the LTPC Program, and a payout of $1,502,700, which represents a prorated amount of Ms. Fiorina's award for the 2004-2005 program year of the LTPC Program".. also "Ms. Fiorina will receive $50,000 for financial counseling, legal and outplacement services." Why give $50,000 for these kind of services after basically being fired? How many HPQ employees got $50,000 for "legal and outplacement services" when they were chopped after HPQ merger with Compaq? These people were "laid-off" and Carly got told to leave, I do not know but it sounds more logical to provide this kind of services to the "laid-off" employees then someone who was "Fired".

"Ms. Fiorina also will be permitted to keep her personal computer equipment and receive technical support for a three-month period, will receive administrative support for a six-month period, and will receive maintenance of home security for a one-year period. Ms. Fiorina will receive a cash payment for the balance of her unused vacation time. Ms. Fiorina retained her vested rights under qualified HP retirement plans and under an HP excess benefit plan, and will be eligible for HP's continued group medical coverage through the Consolidated Omnibus Budget Reconciliation Act of 1995 (COBRA), for up to 18 months."

Carly also received restricted grants of about 826,000 shares during her tenure, that along with her other HPQ holdings, now have a market value of $18.2 million. In addition, Ms. Fiorina will receive a pension of at least $200,000 a year that was not included in the company's severance calculations. The pension could be worth at least $2 million. Also do not forget, Carly received a $3 million signing bonus along with a restricted stock grant worth more than $65.5 million at the time to woo her away from LU. Does she really need another job?

The funny part is that HP has not removed her bio from the executive page: I guess paying someone $21 million to leave is tough pill to swallow. (this link will eventually be deleted- sorry if you are late)


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