Today's NYT has a business section lead story about the future of Hewlett-Packard's printing business and the man who heads it, Vyomesh I. Joshi (half the printers in the world are made by HP). Among the tidbits is something that should scare him:
He said one of his daughters, a college student, had told him, “I don’t need a printer.” Like many people of her generation, she lives online and finds it unnecessary or too difficult to put bits onto paper.
His division is responsible for "30 percent of H.P.’s $91.7 billion in revenue and more than half its operating profit." No wonder he was considered a possible successor for ousted CEO Carly Fiorina.
The article also has some details about his career path:
After graduating from engineering school in India, where he grew up, Mr. Joshi went to Ohio Stateon a scholarship and received his master’s degree in electrical engineering in 1980. H.P. hired him as an inkjet printer engineer. For his first six months on the job, he walked from his apartment up a long hill to the company’s factory and research center near San Diego.
“I didn’t have any money,” he said. Though company filings show that he made $12.2 million last year in salary, bonuses and stock awards, he lives in a home that is modest by local standards and is located less than a mile from the same factory.
That $12.2 million salary is higher than what Indra Nooyi made as CEO of PepsiCo and Raj Gupta made as CEO of Rohm & Haas (see SAJAforum posting on their salaries). Can someone explain how salary structures work - how a division head at HP makes so much more than the CEOs of such large companies? Answers in the comments section below, please.