Feeds

Former Brocade CEO sent flying in golden skies

Heck of a consultant

  • alert
  • submit to reddit

5 things you didn’t know about cloud backup

Being benched isn't so bad, especially when you're riding the pine on an all-expenses paid private plane.

Just ask Greg Reyes the former CEO of Brocade. He'll receive $910,000 per year over the next two years, working as Brocade's consultant. In this role, Reyes will help out with Brocade's "strategy and vision [and] customer-related activities."

And he'll be doing all this in style. "The Company will reimburse the Consultant for the expense incurred by the Consultant in the operation of his private plane, when used for Company business, up to the first class ticket market rate charged by commercial airlines," Brocade said in a filing with the US Securities and Exchange Commission.

That's a class package if you consider that Reyes was bluntly evicted from his posts as CEO and Chairman of Brocade back in January. Reyes was replaced as Brocade tried to deal with accounting irregularities uncovered during an internal audit. After it announced new financial results for 2002, 2003 and 2004, Brocade tapped onetime VP Michael Klayko as its new CEO, and gave Dave House the chairman role.

Brocade recovered from this embarrassing episode to post solid first quarter financial results last week. It reported an 11 per cent rise in revenue to $162m. ®

Related stories

EMC whistleblower says Symmetrix coverup caused nervous breakdown
EMC rides coders to banner Q4
Brocade makes income and CEO disappear
Brocade to fix two years of earnings after audit

5 things you didn’t know about cloud backup

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
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.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
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?