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19 Mar 2009
HP chief executive Mark Hurd underwent a grilling from investors at the company's annual general meeting this week.
Hurd faced questions on increased competition in the server space, after Cisco's announcement that it is entering the market in partnership with VMware, and rumours that IBM may buy Sun Microsystems.
The HP chief claimed that he was unconcerned by the Cisco move, and refused to comment on the speculation about IBM and Sun.
"I do not remember a day where the market wasn't competitive. I think you'll continue to see competition in the market," Hurd told the meeting. "I couldn't be more confident in the future of HP."
The agenda for the meeting contained just two official items: the re-election of board members; and the choice of a new accounting firm. Hurd then faced questions from shareholders, one of which concerned his own pay, and in particular the $42m (£29m) bonus he has received.
Hurd said that figure was tied to HP's performance over the past three years, and that he did not expect to make as much in the coming years.
Another question concerned how Apple, a company with a research and development budget one third the size of HP's, could have a better market capitalisation.
Hurd maintained that Apple was very competitive, and said that he is researching ways to bring more technology to market from HP Labs over the coming year.
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Do you agree?
Dissapointed EDS staff member
It is inconceivable that our CEO should be receiving a remuneration package that is even remotely close to the multiple millions of dollars he has received in previous years during an economic recession like this one. He proudly boasts that he is taking a 20% cut to his base salary as a cost-cutting measure; however, considering that his base salary is a little over 1 million, the overall percentage of his remuneration that he is sacrificing is abysmally small compared to that of front-line staff members. This is pure, blatant hypocricy. Mark Hurd, quite simply, has neither a rational nor a moral leg to stand on.
Posted by: Matthew_Cunningham 23 Jul 2009
HP Employee
Hurd had every right to the bonus after all the revenue he brought to HP. The 5% and 10% reduction was his solution to demands to fire people. I think that it is time fore shareholders to lower the expectation and let people work !
Posted by: HP Employee 20 Mar 2009
Thanks Mark ...
For making the tough decisions for us ! Must of been difficult to choose between $42 million for yourself ... or cutting the workers pay! Future unempoyed EDS'r
Posted by: Jaque 20 Mar 2009
$42 Million that should belong to the employees!
It is interesting that Hurd received a $42 million dollar bonus, while the people who worked hard to bring in those earnings lost 10% - 5% of their salaries... It is easy to inflate the bottom line when you cut out people's pay.... Hope Hurd and the shareholders have a good year, because while he is basking in his mansion and flying in the company Jet, his employees are losing their homes and struggling to feed their familes!
Posted by: Jane 19 Mar 2009