SAN FRANCISCO – Hewlett-Packard Co. ousted its CEO on Friday for allegedly falsifying documents to conceal a relationship with a former contractor and help her get paid for work she didn't do.
In 2008, Mark Hurd made something like 38 million dollars. In 2009, he forced everyone in the company to take a 5% pay cut, despite the company doing comparatively well. Since the economy was sucking, they used the opportunity to stick it to all the employees. Hurd's take was in the 20 million range that year.
The way corporate America works is that the board of directors decide the CEO's salary. CEO's sit on each other's boards and vote to give each other ridiculous salaries.
It seems odd to me that HP couldn't get a good person to CEO for say.. a million.. or heck, two million. That's just not how corporations in America work.
And of course, they're going to pay him 8 figures to quit for being a douchebag, liar, and cheat.
Awesome.
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