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!

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 emcrevenuejoe tucci

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

Brand Post

PC World Evaluation Team Review - 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."

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?