Exclusive: Former HP stars Bradley, Donatelli on brink of exit - sources

Wed Feb 5, 2014 8:19am EST
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By Nadia Damouni, Nicola Leske and Edwin Chan

NEW YORK/SAN FRANCISCO (Reuters) - Two of Hewlett-Packard Co's most powerful executives, until they were sidelined by CEO Meg Whitman, are preparing to leave the company in the coming weeks, several sources say.

Todd Bradley and Dave Donatelli have been interviewing for potential jobs for several months, four sources familiar with the situation said.

The men accepted a deal of new stock options in exchange for a quiet exit, two of the sources said.

The departures of two HP veterans who pre-dated Whitman may strengthen her grip on the company, midway through a five-year plan to try and turn around the once-dominant Silicon Valley computing icon.

Former PC chief Bradley and ex-enterprise group chief Donatelli, once rising stars at the computing giant, are now waiting for restricted stock to vest under the undisclosed agreement.

Bradley is expected to leave HP at the end of February, with about $12 million in hand as part of the vesting agreement, the sources said. Donatelli is expected to remain with HP until March, receiving $8 million to $10 million, the sources said.

The deals were struck last summer and one person said the delayed departure was an attempt to minimize publicity.

Bradley and Donatelli, long considered by industry watchers as contenders for top jobs at companies ranging from Dell to Juniper Networks, are among the highest-profile casualties of a deep restructuring kicked off by Whitman when she took the helm in 2011.   Continued...

Todd Bradley, Hewlett-Packard's Executive Vice President, Personal Systems Group, poses for photographs during a presentation in Berlin, June 10, 2008 file photo. REUTERS/Tobias Schwarz