Novell chief nets $6.9 million in '08

Ron Hovsepian, president and CEO of Novell, took home nearly $6.9 million in 2008, according to documents filed last week with the U.S. Securities and Exchange Commission.

Hovsepian's compensation package includes a $912,214 salary; $2 million bonus; stock and option awards valued at $3.84 million; and $137,014 in other compensation, including $6,263 for financial planning and $4,721 for a physical.

His total compensation for the fiscal year ended Oct. 31 is down 5% from the $7.3 million he earned in 2007.  

While the value of Hovsepian's compensation package fell, Novell managed to grow revenue 3% during 2008 and narrow its overall losses.  For the full fiscal year 2008, Novell recorded a net loss of $9 million on revenue of $957 million. In 2007, the company lost $44 million on revenue of $932 million.

Hovsepian's salary is up nearly 11% from $825,032 in 2007, and his bonus is down 11% from $2.25 million in 2007. Hovsepian was awarded stock and option awards valued at $4.2 million in 2007.

Hovsepian's total compensation is calculated using data supplied in Novell's 2009 proxy statement (DEF 14A) filed with the SEC on Feb. 25. The following figures are taken from the summary compensation table: salary, non-equity incentive plan compensation, and all other compensation (perks). Added to those figures is the estimated value of stock options and awards granted during the year; that figure is taken from the table that summarizes grants of plan-based awards.