Whitman's annual salary is soaring to
HP said the bigger paycheck will make Whiteman's salary comparable to what CEOs of similar-sized companies make. HP earned
Whitman is a billionaire who agreed when HP hired her as CEO in
HP's revenue is still falling, but the company's stock has risen by 20 percent since Whitman took over. The Standard & Poor's 500 index has climbed about 58 percent during the same period. HP's shares plunged during Whitman's first 15 months on the job, but have nearly doubled this year in a sign of increased investor confidence in her ability to get the company back on the right track.
Despite the rally, HP was dropped from the prestigious Dow Jones industrial average earlier this year, partly because its stock price remains well below where it stood just a few years ago. The shares closed Tuesday at
Whitman could afford to forego much of the salary routinely paid to corporate CEOs. Her wealth is estimated at
Other billionaire CEOs who limit their salary to
Despite her paltry salary, Whitman has still been richly compensated during her stint as HP CEO. Most of her pay has come in the form of stock awards designed to give her an incentive to boost HP's market value. Her initial pay packages have been valued at
Tuesday's regulatory filing didn't discuss how Whitman's higher salary might affect the rest of her pay package for the current fiscal year.
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