HP cuts chief's pay - to $40m

SAN FRANCISCO - Hewlett-Packard, the world's largest maker of personal computers, paid chief executive Mark Hurd US$30.3 million ($40.9 million) last year, down from the US$42.4 million he received in 2008.

Hurd's pay package included US$1.27 million in salary, a bonus of US$1.18 million, stock and options valued at US$12.8 million and other incentive compensation of US$14.6 million, according to a filing with the US Securities and Exchange Commission.

Hurd, who took over as CEO in 2005, cut salaries by as much as 20 per cent in March to save money during the global economic crisis.

Hewlett-Packard reported a 3 per cent drop in sales to US$114.6 billion in the fiscal year ended October 31 as customers pared back technology spending. In September, Hurd, 53, forecast "modest growth" in revenue this year of 3 per cent to 4 per cent.

Todd Bradley, who runs the PC division, saw his pay package drop to US$12.5 million from US$21 million in 2008.

Vyomesh Joshi, head of the company's market-leading printer division, received US$11.6 million in 2009 compensation, down from US$21.8 million the year before.

The Palo Alto, California-based company said it would hold its annual meeting on March 17.

- BLOOMBERG