Seasons of Love, maybe, Season of Giving, most definitely. Of course Mr. Apotheker didn’t work five hundred twenty-five thousand
six hundred minutes. He worked around 198,000 minutes.*
According to MarketWatch.com, Leo Apotheker, the now former CEO of HP, could pocket 35.7 million dollars for his 11 month’s work at HP. In fairness, during this time, he did manage to oversee an over 40% drop in the HP stock price. So at least he did something. A 40% drop can’t be easy, unless of course you do things like sell TouchPad tablets that cost $300 to manufacture for $150.
For those of you who don’t make tens of millions for less than a year’s work, I’ve broken down just what $35,700,000 looks like.
The numbers below assume Mr. Apotheker worked 7 days a week, 10 hours a day for the almost 11 months he was with HP. I can only hope he didn’t actually take a vacation during this time and kept his lunch break to 45 minutes tops.
$35,700,000 for 11 Months Work:
330 Days Worked
3300 Hours Worked
198,000 Minutes Worked
11,880,000 Seconds Worked
In fairness, Leo Apotheker did what we would all probably do, that is, “take the money and run.” It is the HP board members who should accept the blame and anger of the public, shareholders and most importantly the workers at HP. It is the HP board members who continually structure these absurd compensation packages. For more information Google: “HP and Mark Hurd”, “HP and Severance”, or HP and Rich, Incompetent, Entitled Board Members.
Perhaps Leo Apotheker is a genuis, or a least possesses basic life skills.
Entering Leo Apotheker’s Mind:
“This is a tough job. If I work here for ten years I will become very tired and bored of this job. Or, I could make terrible decisions, get fired and take my 35 million and go kick it on a beach with a bunch of supermodels.”
Mr. Apotheker may end up being the smartest man who ever worked for HP.**
Bad Business News and Views
*I apologize to the good folks at Rent for dragging them in to this.
**That is not necessarily meant as a compliment.