Hewlett-Packard CEO Meg Whitman appears to be getting a big reward for working to make the company more efficient.
The company’s board has decided to up her salary from a mere $ 1 to $ 1.5 million, according to a HP filing with the US Securities and Exchange Commission on Tuesday.
The filing says that the board members want to “bring Ms. Whitman’s salary to a competitive level among the salaries of the chief executive officers of HP’s peer companies.” This salary increase was effective as of November 1.
HP’s stock price has done well during the past year, which is most likely another reason for the board’s decision. Due to cost-cutting in several units and production lines, the company saw revenue declines in the fourth quarter, but its share earnings were better than expected. HP reported a profit of $ 1.4 billion, or 73 cents a share, on revenue of $ 29.1 billion this past quarter.