HP shareholders say no to fat cat pay-offs
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Manufacturing News, Source : TheManufacturer.com
Published : 05 Apr 2003 13:18
In defiance of Hewlett Packard's bosses, company shareowners have narrowly approved a proposal to curtail over-generous executive pay-offs.
The motion urged the HP board to seek shareowner approval for future severance agreements that provide benefits to senior executives in an amount exceeding 2.99 times the sum of the executive's base salary plus bonus. The board of the global provider of IT products, technologies, solutions and services to consumers and businesses said it would duly consider the recommendation.
It is almost a year since HP completed its controversial acquisition of Compaq Computer Corporation on May 3, 2002.
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