Dell Technologies shareholders overwhelmingly approved the compensations package for its top five executives this week with 99-percent of owners giving their combined total compensation of $49 million for fiscal year 2023 a thumbs up.
Shareholders also approved a measure to take a non-binding vote on executive pay once per year. That measure also passed by 99-percent, according to an audio replay of Tuesday’s annual meeting.
The company’s most recent fiscal year ended on Feb. 3.
The company’s founder, CEO, and namesake Michael Dell and his family trust own all of the company’s 378 million Class A shares which hold 10 to 1 voting power over the 256 million class C shares that are listed on the New York Stock Exchange.
Dell Technologies, which generated $102.3 billion in revenue in its last fiscal year, also used the proxy filing to announce that it had entered into a three-year sponsorship with the Austin Gamblers, a bull-riding league that is majority-owned by Dell board member Egon Durban.
The company paid $500,000 last year to sponsor the Gamblers. Durban, the CEO of investment firm Silver Lake, is also on VMware’s board. In fact, upon hearing Broadcom CEO Hock Tan’s $61 billion offer for VMware on April 26, 2022, Michael Dell suggested that Tan call Durban next.
“We have committed to pay sponsorship fees over a three-year period in return for certain marketing and other rights. Payments in Fiscal 2023 under the sponsorship arrangement, which was entered into on an arms-length basis, totaled approximately $0.5 million,” Dell Technologies wrote in its proxy filing.
Durban is among a small group that sets the salary and other compensation for Dell’s named executives. He also was among the board members voting unanimously for shareholders to approve this year’s compensation for Dell executives.
“The board is asking you to vote, on a non-binding, advisory basis, ‘FOR’ the approval of the compensation of our named executive officers as disclosed in this proxy statemen,” Dell Technologies wrote in its letter to shareholders. “The Nominating and Governance Committee and the Board value the views of the Company’s stockholders and will take the outcome of the advisory vote into account when considering future executive compensation matters.”
Here’s the total compensation breakdown for Dell Technologies’ top five named executives.
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O’Ryan Johnson is a veteran news reporter. He covers the data center beat for CRN and hopes to hear from channel partners about how he can improve his coverage and write the stories they want to read. He can be reached at [email protected]..
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