HP Poaches Dell CIO Mott

Palo Alto, Calif., Technology giant Hewlett-Packard has hired former Wal-Mart CIO Randy Mott away from his most recent employer, Dell. Mott will serve as HP’s new CIO.

Mott has held the CIO post at Dell for the past five years. Prior to that, he spent 22 years at Wal-Mart Stores, including six years as senior VP and CIO.

HP will pay Mott a base salary of $690,000 per year, an option to buy 500,000 shares of HP common stock, and a short-term bonus opportunity of 100% of base salary guaranteed at target for the 2006 fiscal year and the remainder of 2005. Mott also will be awarded a $2.2 million signing bonus; a $1 million relocation bonus; restricted stock worth more than $7.1 million; and targeted long-term performance cash of $7 million for a three-year performance cycle, of which $5 million is guaranteed.