The chief executive of HP Meg Whitman has been given a pay rise of $1.5m, despite ongoing job cuts and protests at the firm, as she starts to show signs of turning around the lumbering US giant.
A filing with the US Securities and Exchange Commission (SEC) noted that Whitman would be drawing a £1.5m salary for the year, on top of her stock options, having previously earned a symbolic $1 per year salary.
The firm said it had done this to “bring Whitman’s salary to a competitive level among the salaries of the chief executive officers of HP’s peer companies”.
The pay upgrade is backdated to 1 November 2013. The pay rise comes in the middle of an ongoing turnaround at HP that has seen the firm post $1.4bn in profits in the last quarter, as it manages to improve its standing in several core areas.
However, news of the huge pay rise will no doubt anger many HP workers worldwide as huge numbers of layoffs are made around the globe. The Unite union claims that over 1,100 roles are to be cut in the UK.
Spanish workers also recently protested outside the firm’s annual Discover event in Barcelona in anger at cuts being made in the country.
HP has gone through some turbulent times recently and is currently embroiled in a legal issue with its own Autonomy subsidiary over alleged accounting practices that overvalued the company. The founder of Autonomy Mike Lynch has denied any wrongdoing.
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