HP CEO Apotheker Makes $4 Million In Bonuses

Hewlett-Packard's new CEO Leo Apotheker is set to make millions of dollars in bonuses when he joins the company.

Apotheker, who was formerly the head of enterprise software maker SAP, has joined HP at a salary of $1.2 million (£760,000) per year. He will also get a signing-on bonus of $4 million and another $4.6 million in relocation costs.

The new CEO, who joined the company after the controversial departure of former HP CEO Michael Hurd, will be getting anything between $2.4 million and $6 million as a performance bonus in 2011.

HP's generosity has not gone down well with rival Oracle's CEO Larry Ellison, who has criticised HP for appointing Apothekar as its CEO.

The criticism comes because of Oracle's lawsuit against SAP, in which it had accused the SAP of stealing software from Oracle through TomorrowNow.

In an e-mailed statement to The Financial Times, Ellison said: “SAP has already publicly confessed and accepted financial responsibility for systematically stealing Oracle’s intellectual property over a long period of time.”

“Much of this industrial espionage and intellectual property theft occurred while Leo was CEO of SAP,” he wrote.