HP, Compaq CEOsdecline merger bonuses
SAN FRANCISCO -- Facing a potential shareholder revolt against the proposed marriage of their companies, Hewlett Packard Co. chief executive Carly Fiorina and Compaq Computer Corp. CEO Michael Capellas withdrew from a bonus program that would have paid them $22.4 million for completing the merger. Meanwhile, the Federal Trade Commission asked both companies for more time to review its nearly $24 billion deal.
Fiorina would have received $8 million, or two times her annual salary and target bonus, upon completion of the deal. Capellas, a Warren native, would have been paid $14.4 million -- three times his annual compensation package.