McData offers $1.1m to keep CEO sweet
Stick around, fella
McData plans to shell out more than $1m to keep its current CEO once the company links up with fellow storage switch maker Brocade.
In a regulatory filing last week, McData revealed that CEO John Kelley will receive a handsome $1.1m payout to stay loyal to BroData. To receive the full lump, Kelley must agree to certain terms, including remaining at the merged firm for six months.
Others receiving similar, lucrative offers include COO Todd Oseth ($740,000), CFO Scott Berman ($570,000) and SVP of engineering Mike Frendo ($500,000).
The US FTC is still looking into Brocade's proposed $700m buy of McData. The merged company hopes to pummel Cisco in the market for Fibre Channel switches. ®