Michael Dell's 2008 compensation almost halved, but security tab remains
Dell CEO Michael Dell saw his total compensation in fiscal 2008 fall to $2.33 million from $4.5 million in 2007 as his stock option awards fell. However, Dell's security bill topped $1 million for the second year in a row.
According to Dell's proxy statement filed with the SEC on Monday, Dell's security tab for fiscal 2008 was $1.03 million, down from $1.05 million in 2007. In its filing the company said:
The Board believes that Mr. Dell’s personal safety and security are of vital importance to the company’s business and prospects and, therefore, that these costs are appropriate corporate business expenses.
It's hard to argue with that given Dell's namesake company is in the middle of a turnaround that largely depends on him.
According to a filing with the Securities and Exchange Commission, Dell detailed the following nuggets:
- Michael Cannon, president of Dell's global operations, had the highest compensation at the company with total compensation of $16.07 million. Cannon got a signing bonus of $2 million .
- Outgoing CFO Donald Carty made $6.06 million in 2008.
- Ronald Garriques, president of Dell's consumer business, had total compensation of $12.3 million with a signing bonus of $3.5 million.
- Mark Jarvis, chief marketing officer, had total compensation of $6.85 million and had commuting expenses of $315,387. "As part the employment arrangement with Mr. Jarvis, we pay Mr. Jarvis’ commuting expenses for travel on chartered aircraft between our headquarters and his principal place of residence in Northern California," the company said.
Cannon, Jarvis and Garriques were all hired in the last year or so.