Enrique Lores earned $19.4 million in 2024 as HP chairman and CEO

Spaniard Enrique Lores received a salary of 19.4 million dollars (about 18.5 million euros) in the 2024 financial year, which ended on October 31, as president and CEO of the computer and printer company HP, according to the company's communication to the United States Securities and Exchange Commission (SEC). This salary is slightly lower than that of the previous year, after a year in which the company reduced its revenues by 0.3%, to 53.559 billion dollars, and saw its profits fall by 15%, to 2.775 billion dollars.

Lores, 59, has been the company's chief executive since November 2019. In setting his remuneration, the remuneration committee assessed the non-financial components of the objectives, including driving growing businesses, cost containment and staff management, in addition to the financial elements.

Lores' compensation for the 2024 financial year consisted of a fixed salary of $1.4 million; stock incentives valued at $15.3 million; cash bonuses of $2.38 million and other compensation of $290,419. The latter includes the use of the company jet for personal purposes of $165,000, as well as security services, pension plan contributions and various expenses.

The company's total compensation is estimated at $19,360,127, the lowest in four years, down 0.5% from the previous year. HP estimates that the median compensation of its employees is $69,571, so Lores' salary represents 278 times that of an employee at an intermediate level within the company.

Using another criterion that takes into account variations in the value of incentives granted in another year, HP values ​​the “compensation actually paid” to Lores during 2024 at $29.8 million, according to the documentation accompanying the company's shareholders' meeting notice.

HP's CEO has a $43 million policy in the event of a change in control of the company or unfair dismissal, which includes both severance pay and the implementation of various incentive programs.

Enrique Lores is one of the few Spanish executives to head a major US multinational. HP has a market capitalisation of 32.5 billion dollars. Joaquín Duato from Valencia has chaired and directed Johnson & Johnson, a company valued at 394 billion dollars, since 2022. Ramón Laguarta from Barcelona, ​​60, has headed PepsiCo since 2018 and has chaired its board since 2019. The food multinational has a stock market value of 211 billion dollars.

They are joined by other executives who are not presidents, but are among the highest paid in their companies, such as Javier Oliván, chief operating officer of Meta, the owner of Facebook, Instagram and WhatsApp, or Manuel Arroyo, executive vice president and chief commercial officer of Coca-Cola.