HP CEO Meg Whitman's salary: $1

Hewlett-Packard's new CEO, Meg Whitman, will receive an annual salary of $1. Meanwhile, her ousted predecessor, Léo Apotheker, is walking out the door with nearly $10 million cash in severance and bonuses.

But don't feel too sorry for Whitman: She's eligible for millions in cash bonuses and stock options, according to HP's regulatory filing late Thursday.

Whitman's target bonus for HP's 2012 fiscal year is $2.4 million, and she could get as much as $6 million if the company hits certain performance goals.

Her contract also includes an option to purchase 1.9 million shares of HP (HPQ, Fortune 500) stock, which fully vest if she's at HP for three years. The exercise price on the options is $23.59, HP's closing share price on Sept. 27, the date Whitman's stock grant took effect.

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- Posted: 2011-09-30 11:35:26

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