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HP CEO Gets Severance Bump in Event He’s Fired in Xerox Takeover

  • Changes to package come amid Xerox’s $35 billion hostile bid
  • CEO Lores stands to make $7.2 million in severance if fired
Enrique Lores
Enrique LoresPhotographer: Jonathan Fickies/Bloomberg

HP Inc. has increased by about 50% the payout its chief executive officer will get if he’s fired in a hostile takeover by Xerox Holdings Inc. or any other kind of change of control.

HP has changed the formula for calculating Enrique Lores’s severance package if he is terminated under such circumstances, the company said in a March 5 filing. The changes were made just one week after the original severance terms were disclosed in HP’s preliminary proxy statement on Feb. 27.