EMC gave Ruettgers 32 percent raise to $2.9 million as CEO

WASHINGTON (Bloomberg) — EMC Corp.’s Michael Ruettgers saw his salary, bonus
and other non-stock pay rise 32 percent to $2.9 million in 2000, his final year
as chief executive of the No. 1 maker of big computer-data storage systems. Ruettgers,
58 and now executive chairman, got options last July to buy 250,000 company shares
at the then-market price of $84 each, according to a proxy filing with the Securities
and Exchange Commission. Company shares would have to rise $39 from today’s closing
price for those options to become profitable. Ruettgers also realized $67.2 million
of gains in 2000 by exercising previously granted stock options, according to
the filing. That figure is based on the difference between the options’ exercise
prices and market prices when Ruettgers purchased option shares. As EMC said it
met profit goals for 2000, Ruettgers got a $1.8 million bonus and a $1 million
salary, plus other benefits valued at $91,632, according to the proxy filing.
He took home $2.2 million of cash pay in 1999, including a $1.3 million bonus
and $800,586 of salary.