EMC's performance in 2010 was the 'best in company history,' says Joe Tucci, who saw his own compensation climb 37% during the same timeframe.
EMC's performance in 2010 was the "best in company history," said Joe Tucci, who saw his own compensation climb 37% during the same timeframe.
Tucci, who is chairman, president and CEO of the storage giant, received compensation worth $12.4 million in 2010, up from $9 million in 2009, according to documents filed Thursday with the U.S. Securities and Exchange Commission.
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The company, meanwhile, grew revenue and profits by 21% and 75%, respectively, in its 2010 fiscal year ending Dec. 31. Revenue came in at $17 billion, up from $14 billion in 2009. Net income attributable to EMC (which excludes VMware-related income) hit $1.9 billion, up from $1.1 billion in the prior year.
Tucci received a $1 million salary, which is up 15% from the $872,308 salary he received in 2009. He also took home a performance-based cash bonus of $2.6 million, which is more than double the $1.1 million bonus he received in 2009.
The bulk of Tucci's 2010 compensation came in the form of equity awards. He received stock awards valued at $7.4 million at the time they were granted (up 23% from $6 million in 2009) and option awards valued at $1.3 million (up 39% from $962,085 in 2009).
His other compensation and perquisites totaled $151,184, which includes: $134,684 for personal use of company-owned aircraft, $15,000 for financial planning, and $1,500 for matching 401(k) contributions.
Tucci's total pay is calculated using data supplied in a preliminary proxy statement filed with the SEC on March 3. The following figures are taken from the summary compensation table: salary, stock awards, option awards, non-equity incentive place compensation (performance-based cash bonus), and all other compensation. The estimated value of equity awards represents the grant date fair value for stock awards and stock options granted during the fiscal year.