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Billionaire boss Meg Whitman joins exclusive $1 salary club

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Summary of story from The Guardian, September 30, 2011

Hewlett Packard’s new boss Meg Whitman has agreed to draw a nominal salary of $1.  One of the world’s five self-made female billionaires Whitman is however in line for a potential bonus of $6 million.

She takes over from German-born Léo Apotheker who presided over Hewlett Packard’s near -$40bn plunge before he walked away with $13 million (see WVoN story).

Whitman’s $1 goodwill gesture should help shareholders come to terms with Apotheker’s departing handshake.

Shareholders however need not worry too much if Whitman fares as badly as her predecessor as she will collect only $1.50 – her severance terms are 1.5 times her salary.

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