Michael Dell takes $11m pay hit
Just need to find some more cash to make up that $67bn EMC acquisition
Michael Dell has taken an $11m (£7.7m) pay cut ahead of the company's $67bn gobble of EMC, according to a filing to US regulator the Securities and Exchange Commission.
In January 2016, Michael Dell took home a total package of $2.4m - which included his salary of $950,000.
The last available compensation table for Dell's top brass is from 2013, the year Dell went private. It shows Michael Dell received $13.9m.
Dell is currently undergoing a major structural change, having just last week flogged its IT services branch to Japanese IT services company NTT Data for $3bn.
The company reported a loss of $1.1bn for the fiscal year 2016, up from its $1.2bn loss the year before. Sales also dropped by $4bn to $54.8bn for the period.
Dell was obligated to make the filing as part of its move to gobble EMC, which last month was waved through by both US and European regulators.
In a foreword to the 347-page document, chief exec of EMC Joe Tucci, urged shareholders to read the document and "pay particular attention" to a list of risk factors associated with the merger ahead of shareholder vote to approve the deal.
The filing also revealed that if Michael Dell's position were terminated, he would be paid $46m. That means the big boss would have to work for another 19 years to receive the amount of money he would receive if shareholders were to boot him out tomorrow.
All of the head honcho's four lieutenants received more than the chief exec. The largest compensation package went to Rory Read, chief integration officer, who took home $10.5m.
The filing was made by Dell parent company Denali, which was formed in January 2013 in connection with the company's move to go private. ®