HP CEO Mark Hurd rewarded with a $40m severance after being forced to resign

borosp1

Senior member
Apr 12, 2003
488
447
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This is why there is such a disconnect between CEO pay and the average worker. Its ridicules that an act of theft gets rewarded for a CEO but if a regular office worker in the same company did the same thing they would get escorted out the building with 0 incentives and never to be heard from again.

I am all for capitalism and market driven economies but its just crazy where upper management of most large corporations salary growth curve over the past 15+ years is 1000x greater than the average employee at the same corporations. There needs to be a total reform of the way board of directors of corporations self serve to be appointed on many boards and set salaries and benefits packages of CEOs at astronomical levels. What needs to happen in my opinion is the government should limit a board of director to only be allowed to serve on 1 company board of any publicly traded company. Whats happening now its like the good old boys network in which a few rich individuals serve on multiple boards.

Worried that former HP CEO Mark Hurd might not know what to do with himself after getting caught falsifying expense reports to hide girl #2 and being forced to resign? Don't be: ol' Mark's getting a $12,224,693 severance payment in exchange for agreeing not to sue HP. Yep, Mark Hurd just got $12 million in cash for fraudulently filing expense reports to conceal his mistress -- not a bad trick if you can pull it off, we suppose. (We don't know how much he'll have to pay back, but we're guessing he'll have a little cash left over.) Oh, and he's also having his option to buy 775,000 shares of HP stock extended to September, which is pretty groovy considering HP actually upped its quarterly forecast today, some other assorted stock-related compensation, and 18 months of health and dental benefits. Whoever said a little white collar crime doesn't pay?

Update: CNBC has sources claiming the total value of Hurd's severance including stocks is closer to $40-50 million, give or take. That's... well, that's a lot of ink cartridges.

http://www.engadget.com/2010/08/06/former-hp-ceo-mark-hurd-rewarded-with-a-12m-severance-after-bei/
 
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Drift3r

Guest
Jun 3, 2003
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A private company decides to give its top employee a large severance payout vs a public government employee/politicians whose over inflated retirement plan comes at the cost of my tax dollars and that of everyone else.

Wait so how does this effect me compared to over blown government pension plans again?
 

Jaskalas

Lifer
Jun 23, 2004
34,593
8,649
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A private company decides to give its top employee a large severance payout vs a public government employee/politicians whose over inflated retirement plan comes at the cost of my tax dollars and that of everyone else.

Wait so how does this effect me compared to over blown government pension plans again?

Apparently they consider all wealth everywhere to belong to them and their church of big government.
 

borosp1

Senior member
Apr 12, 2003
488
447
136
A private company decides to give its top employee a large severance payout vs a public government employee/politicians whose over inflated retirement plan comes at the cost of my tax dollars and that of everyone else.

Wait so how does this effect me compared to over blown government pension plans again?

It effects you if you work for a private employer and your not in upper management then your salary growth is limited to 3% per year while the CEO's compensation is 1000x times yours. Your buying power decreases over time if you are just an average worker bee.
 

DucatiMonster696

Diamond Member
Aug 13, 2009
4,269
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It effects you if you work for a private employer and your not in upper management then your salary growth is limited to 3% per year while the CEO's compensation is 1000x times yours. Your buying power decreases over time if you are just an average worker bee.

Then find another job at another company. Ain't it wonderful how the free market and capitalism works vs broad brush of government regulation. Hey maybe you could work for the government. :)
 

DucatiMonster696

Diamond Member
Aug 13, 2009
4,269
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Thank you, that's my point. People like him continue to pay the overblown price for HP only ink so HP will continue to throw money away like that because they can thanks to stupid people.

Yup and that is what we call free will which is a core ideal of this nation. If I don't like how HP is paying out its severance packages to their CEO's then I can buy another brand of printer (Maybe a brand which sells ink cartridges which are refillable?) instead. Of course believing that HP (a private entity) should be forced to change its own internal policy on how it manages its private severance packages to its employees is completely ridicules and not an American ideal. Hell what's next? Should we regulate allowances for kids so that they are on par and in line with what their parents earn?
 

Ronstang

Lifer
Jul 8, 2000
12,493
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Yup and that is what we call free will which is a core ideal of this nation. If I don't like how HP is paying out its severance packages to their CEO's then I can buy another brand of printer (Maybe a brand which sells ink cartridges which are refillable?) instead. Of course believing that HP (a private entity) should be forced to change its own internal policy on how it manages its private severance packages to its employees is completely ridicules and not an American ideal. Hell what's next? Should we regulate allowances for kids so that they are on par and in line with what their parents earn?

You are wasting your time. You are never going to convince the pathetic bottom feeders, who are jealous of everyone who does well, that they are in control of how well off they are and will become. They don't even understand the concept of choice and that their choices determine their success. They always turn to government and anyone who thinks the government is the solution to their ills is a loser and destined to remain one.
 

1prophet

Diamond Member
Aug 17, 2005
5,313
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You are wasting your time. You are never going to convince the pathetic bottom feeders, who are jealous of everyone who does well, that they are in control of how well off they are and will become. They don't even understand the concept of choice and that their choices determine their success. They always turn to government and anyone who thinks the government is the solution to their ills is a loser and destined to remain one.


Falsifying expense reports is now considered doing well?:confused:

Former HP CEO Mark Hurd rewarded with a $40m severance after being forced to resign over fraudulent expense reports
 

Moonbeam

Elite Member
Nov 24, 1999
73,812
6,520
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What happened to that run the gauntlet thingi the Indians has where you had run between two lines of braves with tomahawks.
 

Red Dawn

Elite Member
Jun 4, 2001
57,529
3
0
Falsifying expense reports is now considered doing well?:confused:
It is if you get 40 mill instead of just getting shown the door with jack squat.

While I think the pay ratio between this guy and HP's worker bees is a little /lot off kilter there's no questioning that he did a lot for HP, especially following the disastrous tenure of his predecessor Carly Fiorina. HP's shares have more than doubled in the five years he's been the head mucky muck and in 2009 it's revenue was reported to be 119 Billion Dollars.

Also keep in mind that a prolonged legal battle could cost HP and it's shareholders a lot of money and embarrassment.
 

hal2kilo

Lifer
Feb 24, 2009
24,951
11,434
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Falsifying expense reports is now considered doing well?:confused:

My ex-sister-inlaw (wicked witch of the west, type-a, bitch) who is VP of a software company did (does) it on a regular basis. Oh yea, she was taking a prospective business contacts out to dinner, yea thats it (lunch, dinner, cases of wine, ect). As far as I know, she still works at the same company.

I've traveled quite a bit in my career and if I pulled anything 1/100th close to what she's done, I would have been fire years ago.

It's good to be the king.
 

Patranus

Diamond Member
Apr 15, 2007
9,280
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0
How much revenue did that CEO generate for HP?

Hmmm....
He made them #1 in notebooks
Had made them #1 in desktops
He increase their printer market share by 4% (46% ->50%)

Sure sounds like he earned that money to me and this is an example of the disconnect the "progressives" have with capitalism and the disconnect they are trying to create when they play class warfare.

Oh no! Someone has more than me. Must....redistribute.....wealth.....to.....benefit......ME.

ME ME ME ME ME.
That is all that I hear when people make these threads.
 
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Moonbeam

Elite Member
Nov 24, 1999
73,812
6,520
126
How much revenue did that CEO generate for HP?

Hmmm....
He made them #1 in notebooks
Had made them #1 in desktops
He increase their printer market share by 4% (46% ->50%)

Sure sounds like he earned that money to me.

There a million peasants in China and India with IQs of 200 that could have doubled that given the opportunity.
 

Red Dawn

Elite Member
Jun 4, 2001
57,529
3
0
Just goes to prove that even the smartest guy in the room becomes stupid when he starts thinking with his penis.
 

Craig234

Lifer
May 1, 2006
38,548
350
126
How much revenue did that CEO generate for HP?

Hmmm....
He made them #1 in notebooks
Had made them #1 in desktops
He increase their printer market share by 4% (46% ->50%)

Sure sounds like he earned that money to me and this is an example of the disconnect the "progressives" have with capitalism and the disconnect they are trying to create when they play class warfare.

Oh no! Someone has more than me. Must....redistribute.....wealth.....to.....benefit......ME.

ME ME ME ME ME.
That is all that I hear when people make these threads.

Yes, he did. No one else in the company did anything. He should have laid them all off to cut costs. Clearly every dollar a company makes is because only of the CEO.

If they had any other CEO making a tenth what he makes, the company clearly would have gone bankrupt in days.

Why, look in Europe where CEOs *do* make a tenth of the ratio to their workers as CEOs here, like CEOs here used to. Proof what a disaster that is.
 

ShawnD1

Lifer
May 24, 2003
15,987
2
81
How much revenue did that CEO generate for HP?

Hmmm....
He made them #1 in notebooks
Had made them #1 in desktops
He increase their printer market share by 4% (46% ->50%)
HE WAS FIRED.

Try that at any other job. When getting fired from your engineer job, try pulling "but I did so good on that bridge I designed 10 years ago!"
Their reply will be "I don't give a fuck. Get out. You are fired. We will escort you to the door."

How does this affect you? Your goods are more expensive because of it. Guys like hacp bitch about union wages because the janitor is making an extra $200 per year but I don't see him bitching about the cost of goods going up when the CEO of the company gets a bonus when he is fired that works out to 1000x what the other employees there make in the entire year when they don't get fired.


If you wondered why HP products are such garbage, this is exactly why. Instead of paying $50,000 to hire just 1 guy to make printer drivers that actually work, they had to save that money just in case the top guy at the company got fired. Who needs printer drivers that work when you can pay people who suck at their job.
 

Hacp

Lifer
Jun 8, 2005
13,923
2
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Hp can pay its CEO as much as it wants because if it can fail if it overpays. Not so for government. If government pays all its workers 1 million dollars, it can tax everyone else or print enough money and not end up failing.
 

Craig234

Lifer
May 1, 2006
38,548
350
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Hp can pay its CEO as much as it wants because if it can fail if it overpays. Not so for government. If government pays all its workers 1 million dollars, it can tax everyone else or print enough money and not end up failing.

Naive, simplistic ideology that fails to get anything good done for the public and economy.

Ya, the 'free market' solves everything, just ask the oligarchs. (The ideology) Works for them.