Carly Fiorina, a former Hewlett-Packard chief executive left the troubled company with a severance package worth an estimated $21 million to $42 million. Including her severance, she was paid nearly $180 million during her five-year tenure at Hewlett-Packard. After she was forced out, shareholders sued, claiming that the board of directors should have let shareholders decide her severance.
Fiorina also bucked the populist tide against lavish corporate salaries by denouncing President Obama’s effort to cap annual pay at $500,000 for leaders of banks taking federal bailout money.
Now this is hypocrisy. “When somebody makes $40 million a year for failure, we cannot defend that,” Fiorina said. “On the other hand, I believe the solution should be, every CEO‘s pay should be put up for shareholder vote each and every year. Let the shareholders decide.” This quote was in the Los Angeles Times.
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