Soured on sweet deal
Employee Benefit News, May, 2006 by Leah Carlson Shepherd
Institutional shareholders angry over severance pay and benefits to ousted CEO Carly Fiorina have sued Hewlett-Packard Co., raising questions of how far companies can go in giving sweet deals to departing executives. The Indiana Electrical Workers Pension Trust Fund and the SEIU National Industry Trust Fund claim the Palo Alto, Calif.-based technology firm and its former CEO, Carly Fiorina, should have obtained shareholder approval for her $21.4 million severance package last year.
Fiorina received a $14 million severance payment, a $7.3 million bonus payment, a $200,000 annual pension, $19 million in stock options and restricted stock, home security for one year, $50,000 for financial and legal counseling, and a reimbursement for unused vacation time, according to the...
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