NetApp CEO lays off 500 but takes delivery of $3 million jet

Daniel Warmenhoven treats himself to a Embraer Phenom 100.

NetApp, a maker of enterprise data storage systems, laid off about 500 of its 8,000 worldwide employees last Monday. On Wednesday, the Silicon Valley-based company announced a net loss of US$75 million last quarter.

So why does CEO Daniel Warmenhoven have a new jet? According to FAA records, Warmenhoven registered a Phenom 100 on January 28th. The plane, built by Brazilian company Embraer, seats four to six adults and typically sells for around US$3 million.

"The jet is privately owned and is not a NetApp corporate expense," said NetApp's director of corporate PR, Jodi Baumann. "Dan Warmenhoven purchased the jet 2 years ago as a personal expense. It was recently delivered to him due to a long wait list."

Warmenhoven makes an easy target in a downturn: His compensation last year was just shy of $6 million, according to Forbes, including nearly a million in salary.

Yet NetApp's chief isn't the only employee doing well. The company topped the latest list of Fortune's 100 best companies to work for. "The benefits are tops," Fortune's editors wrote. "The company has gained market share during the slump, hasn't had layoffs, and has more than US$2 billion in cash on hand to help it ride out the global financial crisis."

In that light, a jet doesn't seem like such a splurge.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags netapp

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Paul Boutin

The Industry Standard
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?