Hewlett-Packard has been paying its CEO just $1 a year since she joined the troubled tech company in 2011. But as part of the company's turnaround, she has now received $1.5 million a year, the company said in its annual proxy, filed Monday.
Overall, Whitman received compensation valued at $17.6 million last year, up 15% from $15.3 million in 2012.
Whitman, 57, was hired in September 2011 to head the company's five-year turnaround plan. In bumping up Whitman's salary, HP's board cited her for "significantly advancing" the company's turnaround as the overall market for personal computers continues to slump.
Much of that has involved cost-cutting. By the end of the current fiscal year, HP will have reduced its workforce by about 34,000 from nearly 350,000 in 2012.
Several CEOs have received $1 a year in the past, including the late Steve Jobs, who earned the nominal amount when the billionaire returned to Apple in 1997, but had hefty equity stakes or received other forms of compensation.
Oracle billionaire Larry Ellison also earns just $1 in annual salary, but received stock options and incentive pay valued at $78.4 million in 2013, plus perks valued at $1.5 million. He also cashed in previously awarded options valued at $151.4 million.
Whitman's 2013 compensation includes $26,000 in incentive pay, stock valued at $4.3 million, stock options valued at $12.7 million and $275,300 in perks, including personal use of corporate aircraft valued at more than $250,000.
Whitman, former CEO of eBay, also gained $802,000 on previously awarded shares that vested, Hewlett-Packard said.
Industry tracker Gartner Group says HP remains the leader in the U.S. market for personal computers, although its 26.5% market share was down 10.3% from 2012.
Still, Hewlett-Packard reported $5.1 billion in earnings last year, vs. a $12.6 billion loss in 2012. To! tal shareholder return jumped 81%.
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