UPDATED: Hewlett Packard pays top exec $34 million in 2008

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UPDATED: Hewlett Packard pays top exec $34 million in 2008

Palo Alto (CA) – Hewlett Packard’s CEO, Mark Hurd, 52, received $34 million in pay and bonuses in 2008 for having tripled profits in three years, adding more than $30 billion in sales, and for “exceptional and sustained performance.” His base salary is $1.45 million ($3,972 per day). The $34 million paycheck brings his daily pay rate to $93,150.

Hurd also exercised $10 million worth of stock options, and had $15.7 million in vested HP stock during the same period. HP’s revenues have increased from $86.7 billion in 2005 with $2.4 billion profit, to $118.4 billion and $8.3 billion in profit in 2008. He took over as CEO following the departure of Carly Fiorina in 2005.

HP has announced it will lay off 24,600 employees, roughly 8% of its 320,000 workers world-wide. Since taking the job, Hurd will have laid off 40,000 people.

See the original AP Digital article republished on Yahoo Finance.

UPDATED: February 10, 2009 – 10:00am CST
AP Ditigal is now reporting a correction on this story. They claim Hewlett Packard made a mistake in calculating Mark Hurd’s pay for 2008. His perks are now listed as only $662,695 instead of the previously reported $738,000. As a result, his annual pay increase was only 30% instead of 31%.