Feeds

EMC chief cashes in on losses

Storage pays

  • alert
  • submit to reddit

Internet Security Threat Report 2014

EMC's chief executive officer Joe Tucci was rewarded handsomely last year with a gutsy salary and piles of options even though the company lost ground to the competition.

Diamond Joe was awarded a US$675,000 bonus on top of his million dollar salary, according to a Friday SEC filing. The EMC chief also received 2 million shares in stock options for his storage savvy.

This smashing package came as EMC coughed up $119 million in losses for 2002.

Chairman Mike Ruettgers fared almost as well with one million in salary and $650,00 in bonus but only half the options. Ruettgers' salary has fallen since the 2000 and 2001 boom years, while Tucci has received fairly equal packages all three years.

Toni Sacconaghi, a rare reservoir of sanity in the financial analyst community, shows EMC losing a whopping 10 percent of market share in the second half of 2002 as compared to the first half. His recent Sanford C. Bernstein & Co report notes that IBM wooed most of these defectors, and Hitachi also made gains. Hitachi has piggy-backed on HP and Sun, who resell its high end systems, and tied with EMC atop the high end storage market, with both companies taking 39 percent share.

Still, Diamond Joe is a charming fellow with a rich New York accent and charisma to match. CIOs must be a callous breed to deny this man a storage sale.

In the long run, technology buyers may warm to EMC again. Tucci has spearheaded the company's push to round out its software arsenal and ship code wherever it can. By all accounts, EMC appears to have some of the best management products around for multivendor data centers.

This code could be the key to EMC's defense against IBM and Hitachi and boost revenue once again. At least, that's what Tucci is banking on. ®

Beginner's guide to SSL certificates

More from The Register

next story
Docker's app containers are coming to Windows Server, says Microsoft
MS chases app deployment speeds already enjoyed by Linux devs
'Hmm, why CAN'T I run a water pipe through that rack of media servers?'
Leaving Las Vegas for Armenia kludging and Dubai dune bashing
'Urika': Cray unveils new 1,500-core big data crunching monster
6TB of DRAM, 38TB of SSD flash and 120TB of disk storage
Facebook slurps 'paste sites' for STOLEN passwords, sprinkles on hash and salt
Zuck's ad empire DOESN'T see details in plain text. Phew!
SDI wars: WTF is software defined infrastructure?
This time we play for ALL the marbles
Windows 10: Forget Cloudobile, put Security and Privacy First
But - dammit - It would be insane to say 'don't collect, because NSA'
Oracle hires former SAP exec for cloudy push
'We know Larry said cloud was gibberish, and insane, and idiotic, but...'
Symantec backs out of Backup Exec: Plans to can appliance in Jan
Will still provide support to existing customers
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.