Human Capital & Careers

Nearly $8 Million for HP’s Wayman in 2005

Hewlett-Packard's finance chief received $3 million for two months as interim CEO following the resignation of Carly Fiorina.
Stephen TaubJanuary 24, 2006

Hewlett-Packard Co. chief financial officer Robert P. Wayman took home more than $7.7 million in 2005, according to the company’s latest proxy filing.

Wayman, who has served as CFO since 1984 and executive vice president since 1992, received $3 million for two months as interim CEO following last February’s resignation of Carly Fiorina as chairman and chief executive officer.

Patricia Dunn is now HP’s chairman, and Mark Hurd holds the titles of president and CEO.

Wayman also netted more than $2.1 million from exercising stock options. In fact, his $975,000 salary was unchanged from the prior year and down slightly from 2003. Nearly $107,000 of his compensation was attributed to the value of his personal use of the company airplane.

Elsewhere on the compensation front, Donald Roof, the chief financial officer and treasurer of Milwaukee-based mining-equipment manufacturer Joy Global Inc., earned more than $3 million last year. Joy Global, which has a market capitalization of $5.6 billion and had $2 billion in revenues in its October 2005 fiscal year, paid him about $408,000 in salary, nearly $1.7 million from the company’s long-term incentive plan, and nearly $133,000 in restricted stock; Roof also netted $492,000 by exercising stock options.

Tyco International Ltd. also filed its proxy this week, but it did not include the compensation of executive vice president and chief financial officer Christopher J. Coughlin since he was not one of the company’s five highest earners. Next year, however — provided the Securities and Exchange Commission signs off on its recently proposed rules for compensation disclosure — the SEC will require that the CFO’s salary always appear in the proxy.

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