By | Chris Mellor 23rd March 2010 09:24

Gelsinger paid more than the boss at EMC

Hey Joe, say it ain't so

SEC filings by EMC show that newcomer Pat Gelsinger was paid more than chairman and CEO Joe Tucci in 2009.

Pat Gelsinger is EMC's Chief Operating Officer and runs its Information Infrastructure Products division. He joined EMC from Intel in September 2009.

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There was a 10 per cent pay cut across EMC in January 2009, as part of recession-beating measures, with Joe Tucci having 23 per cent cut from his target pay; other EMC executives saw cuts of nearly 13 per cent. The SEC filing states that EMC executive pay has now returned to the levels before these cuts.

In 2009 Joe Tucci's total cash pay was $1.94m, while Pat Gelsinger's was $357,308, paid during his September to December working period at EMC. Tucci's total 2009 compensation was $9.05m in 2009, while Gelsinger's was $11.71m. Stock options accounted for almost $10.9m of that - Gelsinger's pay being heavily weighted towards performance.

No other EMC executive was paid more than Joe Tucci. Gelsinger has been identified by some as Tucci's annointed successor. ®