From the AP:

Under three years of Mark Hurd's leadership, Hewlett-Packard Co. has added more than $30 billion in sales, seen its profit more than triple, and for that "exceptional and sustained" performance Hurd was rewarded with a $34 million pay package in the latest fiscal year.

I actually agree that Mark Hurd has done an excellent job overall at HP, but don't forget two mediating facts that make a raise questionable:

HP is slashing 24,600 positions, nearly 8 percent of its 320,000 workers — Hurd will have cut nearly 40,000 jobs in two big rounds of layoffs since he took the job.

Layoffs are sometimes a necessary part of managing a company, but rewarding yourself for cost-cutting by eliminating jobs (which doesn't take a genius to order) sends the wrong message to employees still with the company.

Even worse: HP shares lost about 20% of their value in 2008. I don't agree that share performance should be the only criteria in executive compensation - but CEOs should share in the pain of a poor economic environment.