10% pay cuts for EMC's Tucci, other top executives

It's part of the storage vendor's efforts to reduce costs

EMC Corp.'s top five executives, including CEO Joe Tucci, are taking 10% pay cuts, the storage vendor reported to the Securities and Exchange Commission this week.

Tucci, who was paid a $1 million salary and a $1.4 million performance-based cash bonus in 2008, recommended that EMC slash pay by 10% in 2009 for himself and executives David Goulden, Howard Elias, William Teuber and David Donatelli, according to the SEC filing.

[Slideshow: See how much tech CEOs were paid in 2008.]

"Given the challenging global economic environment, as part of our ongoing cost-reduction initiatives, we reduced our executive officers' cash compensation in 2009," EMC stated.

Tucci's base salary will drop from $1 million to $900,000 in 2009. Pay for Goulden and Elias will drop from $600,000 to $540,000, while Teuber and Donatelli will see their pay cut from $700,000 to $630,000.

EMC also plans to reduce Tucci's projected annual bonus by 30%, resulting in an overall 22% decrease in cash compensation. The other four executives will see 10% declines in annual bonuses.

According to EMC's most recent filing, Tucci's total compensation, including salary, bonuses, and stock and option awards, was $11.7 million in 2008. The value of his compensation package more than doubled from 2007, when he received a $4.7 million package (which didn't include any stock grants).

This story, "10% pay cuts for EMC's Tucci, other top executives" was originally published by Network World.

Copyright © 2009 IDG Communications, Inc.

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