HP's Fiorina to Get $45M in Stock Options, Severance

Carly Fiorina (search), who was ousted last week as chairman and CEO of Hewlett-Packard Co. (HPQ) , will have received $45 million worth in stock options and severance pay on top of her regular salary and cash bonuses after five years at the company, a spokeswoman said on Monday.

The $45 million is based on the current value of roughly $23.5 million in previously awarded stock options and a $21.4 million severance package awarded to Fiorina after she resigned last week.

"It comes to $45 million or so," HP spokeswoman Brigida Bergkamp said. "This is just what she can exercise now."

The figure excludes a $3 million signing bonus awarded in 1999, 5.8 million stock options at exercise prices above current share prices, and Fiorina's annual salary and bonus. Her salary averaged around $1.2 million in recent years and she has received more than $1.5 million in bonuses.

Were the value of HP shares to rise significantly in the wake of her departure, the "out of the money" options could be worth additional millions.

But Fiorina's payout is substantially less than when she joined the company with a mission to transform the sometimes insular culture of Silicon Valley's (search) first start-up, as the stock price fell sharply during her tenure.

When she arrived at HP in 1999, Fiorina received restricted stock worth around $65.5 million in inflated tech-boom stock prices, Bergkamp said.

Those are now worth $18 million, reflecting the subsequent bursting of the tech bubble in 2000 and a 58 percent drop in HP's stock price while Fiorina was in charge.

As part of the $23.5 million, Fiorina stands to receive a retirement plan worth around $1.5 million if she elects to receive the pension as a lump sum, Bergkamp said.

Fiorina received a $1 million bonus based on HP's performance in the first half of 2004. No similar bonus was paid to Fiorina or other top HP executives for the second half of last year, according to HP's proxy released on Friday.

In August, the company disappointed Wall Street with a surprise shortfall in its fiscal third-quarter financial results, an event that analysts in retrospect say set in motion moves to restructure management that led to Fiorina's ouster.

She also received a $567,000 bonus based on HP's performance in the fourth-quarter of 2004, the filing said.