EMC chief's pay drops 23 per cent to $9 million

As a company, EMC revenue declined 6 per cent and profit fell 15 per cent in 2009.

EMC CEO Joe Tucci was awarded a compensation package valued at $9 million in 2009, according to documents filed this week with the U.S. Securities and Exchange Commission.

His total compensation declined 23 per cent compared to 2008, when his pay package was valued at $11.7 million.

CEO payday: How much tech chiefs made in '08

Tucci's pay includes his $872,308 salary (down from $1 million in 2008); a $1.1 performance-based bonus (down from $1.4 million a year earlier); and $149,150 in perks and other compensation.

The bulk of his 2009 pay package came in the form of stock and option awards, which were valued at $7 million at the time they were granted (down from $9 million in 2008).

As a company, EMC saw revenue decline 6 per cent and profit fall 15 per cent in 2009. EMC reported net income of $1.1 billion on revenue of $14 billion in 2009. In 2008, the company reported net income of $1.3 billion on revenue of $14.9 billion.

Tucci's lower salary and bonus reflect temporary cuts imposed last year at his recommendation.

"Given the challenging global economic environment, as part of our ongoing cost reduction initiatives, we implemented a temporary company-wide pay reduction program in 2009," EMC says in its proxy statement. "As part of this program, we reduced our executive officers' base salaries by 10 per cent in January 2009 and by an additional 5 per cent in May 2009, and we reduced the target annual bonus by 30 per cent for Mr. Tucci and 10 per cent for the other Named Executive Officers. Overall, we reduced our executive officers' total target compensation in 2009 by an average of 15%."

The base salaries for named executive officers were restored to their 2008 levels for 2010, EMC says.

Tucci's total pay is calculated using data supplied in a proxy statement filed with the SEC on March 18. The following figures are taken from the summary compensation table: salary, bonus, non-equity incentive plan compensation, and all other compensation (perks). Added to those figures is the estimated value of stock options and awards granted during the year; that figure is taken from the table that summarizes grants of plan-based awards. The calculations don't include changes in the value of pension benefits.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags revenuejoe tucciemc

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

Network World staff

Network World
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Matthew Stivala

HP OfficeJet 250 Mobile Printer

The HP OfficeJet 250 Mobile Printer is a great device that fits perfectly into my fast paced and mobile lifestyle. My first impression of the printer itself was how incredibly compact and sleek the device was.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?