HP's Compaq Acquisition (D) |
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"While I regret the board and I have differences about how to execute H-P's strategy, I respect their decision." - Carly Fiorina1.
Under a severance plan passed by the committees of HP's board in 2003, Fiorina would receive 2 1/2 times her annual salary and bonus if she was "involuntarily terminated without cause." In 2003, Fiorina's salary and bonus totaled about $8.4 million. So Fiorina received a severance package worth about $21 million. Continuing SlideEver since its founding in a Palo Alto garage 66 years ago, HP had represented a spirit of entrepreneurialism that had to come to represent Silicon Valley. The company's engineering-driven culture valued teamwork and rewarded ideas and inventions. But unlike many other Silicon Valley companies, which had a hire and fire culture, HP was also a people-oriented organization. 1] Konrad, Rachel. "Fiorina Forced out as Hewlett-Packard CEO,"www.wsj.com, 9th February 2005. |
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