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HPaq execs pocket millions in merger payola

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But peanuts for the staff

By Andrew Orlowski in San Francisco • Get more from this author

Posted in Business, 16th November 2001 12:38 GMT

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HP boss Carly Fiorina yesterday promised staff a bonus of two days pay for bearing through the protracted SirCam merger with Compaq.

But this contrasts with the remuneration on offer to their senior management.

As a reward for sacking some of the 15,000 staff who won't be needed in the merged HPaq, HP's top management will pocket $33.1 million in retention bonuses. Compaq's team will receive $22.4 million. The bonuses hinge on the successful completion of the merger.

We knew that pushing boxes around a Visio document, and connecting them with lines was tricky - we just didn't realise how tricky.

Carly and Curly will selflessly forego their share of the $55.5 million executive payout.

The bonus for all staff will cost HP approximately $45 million, according to this SEC filing.

The filing details how the merger sprang from simple low-level talks between the respective CEOs - um, yes, we know - and was stalled by disagreements over structure and remuneration until finally being unveiled on Labor Day.

Recent HP SEC filings can be found here®

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