EMC boss Tucci in lucky escape from poverty
$1m here, $1m there, soon you're talking real money
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EMC boss Joe Tucci has managed to escape poverty by the skin of 8.2 million teeth; he has just cashed in his stock options for a cool $8.2m.
The Boston Business Journal notes that Tucci exercised stock option rights and bought 575,000 EMC shares for $12.85 to $13.18 and then, what a wheeze, sold them at once for $27.46 each, enabling him to buy the week's shopping, fuel his car, clean his suits, and pay for whatever else you need when you are a multi-millionaire.
Comment
It's always a mystery to me why the people who toil in the trenches don't get such gold-plated incentives while the people with the million dollar salaries get stock options to make them even richer. Wouldn't the benefit of incentivising 30,000 trench-working people strongly outweigh the benefit of incentivising 10 or 20 execs excessively?
Well, as the apologists for such emolument schemes might say, the drones in trenches wouldn't have jobs at all unless Joe did his great job, they'e relatively well-paid anyway, and Joe T deserves his reward because he's making EMC stockholders richer. The company has indeed just reported a knock-out quarter and full year.
Joe T still holds 1.8 million EMC shares, so he would be making himself richer even without the stock options. ®
COMMENTS
RE: Joe gets
No, it really is another world.
For us in the trenches, negotiation is rarely an option, even when you are 'indispensable'*.
*And I use the term loosely as 'no one in indispensable'**
**While that is true, there comes a point where losing an employee causes a lot of pain for a business when they discover what that person actually did.
I, for one
would happily never see anyone 'incentivized' ever again.
Rewarding them is just fine, however.
The rich get richer
If everyone in the company had a say in the CEO's remuneration then maybe such eye watering excess could be acceptable but the simple fact of the matter is that payouts such as this is just the old boy club in action. The board sets the payout and the CEO picks the board and the same group of people move through the revolving doors with a wink wink and nudge nudge to one another.
Joe Tucci has with out any doubt done a very good job but this sort of money is really little more than organized embezzlement at the corporate level and is pretty much the norm in all areas of business though banking and finance are much worse.
I love it when people say you have to pay the best to get the best. Umm no you don't and for some companies they might have been better off with the second or third best.
If Joe had only received $200,000 which is still a major windfall and the remaining $8 million had been given to workers it would have had a much larger effect. If someone is already independently wealthy what is another $8 million to them? But if they had given $10,000 bonus payments to 800 employees the boost that this would have given to moral would have been much more than simply making a rich man richer.
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