HP CEO Pay For 2024 = 261,658 Toner Cartridges

HP CEO Enrique Lores saw his total compensation shrink by a little more than $98,000 in the corporation's fiscal 2024. To mere mortals that would induce tears, but as for the executive himself, it likely just meant he had to opt for a slightly less shiny new suit.

The boss at HP Inc, who joined the organization in 1989 as an engineering intern and climbed the ranks to chief exec in 2019, received a financial package of $19.36 million for last year, down from $19.458 million in the prior 12 months.

Base salary went up by $100,000 to $1.4 million, stock awards were $15.289 million, non-equity incentive plan compensation was $2.38 million ands all other compensation (security, travel, etc) was valued at $290,419.

The award was outlined in a 2025 proxy shareholder statement [PDF] published ahead of the annual meeting of stockholders on April 14.

In the year ended October 31, 2024, HP reported revenue of $53.6 billion, down 0.3 percent year-on-year, caused by declining consumer PC sales and commercial printer hardware. Net profit was down 15 percent to $2.8 billion.

Enterprises are refreshing their estate of business PCs more slowly, consumers are keeping hold of their computers for longer, and the world is printing on fewer pages. In response to the latter point, HP has developed strategies to charge more upfront for printer in which customers don't commit to using its supplies and it is selling more print devices that comes already loaded with a set amount of ink.

HP is also heavily pushing subscription services, including the All-In Print Plan and Instant Ink. It has also branched out into flogging paper for printers too.

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Lores said in the proxy statement document that he is "confident in our ability to capitalize on the opportunities ahead while continuing to deliver impact for our customers, partners, and stockholders."

Last year we calculated that Lores was paid the equivalent cost of 270,315 HP 206 printer cartridges at $71.99 per unit. In the latest pay award, given the price rise of the toner cartridge to $73.00, Lores would have able to buy just 261,658 of the 206 units.

Elsewhere in the C-suite, new CFO Karen Parkhill received a package worth $15.5 million, Printing and Imaging boss Tuan Tran was awarded $7.56 million, and Personal Systems chief Alex Cho bagged some $7.13 million.

The median pay for HP staff was $69,571, up from $67,816 in the prior fiscal year. ®