Dell’s Board Members And Execs Made $59 Million And Sold Underwater Stock Options
Dell Inc. went private last week and the company bought back shares at $13.75 each as part of the $24.9 billion deal that CEO and founder Michael Dell put together with the help of Silver Lake Management. Dell paid cash for employee’s stock options even if those stock options were underwater.
This means employees would have lost money on them, according to Bloomberg. Since underwater options don’t have value, they should not have been given a value. Dell paid 10 cents to 70 cents per share for the underwater options. Dell’s board members and executives were paid $59.1 million for their stock and stock options. Michael Dell now owns 75% of Dell and is worth $15.4 billion.
According to BusinessInsider, the following executives were paid these amounts:
– Jeff Clarke – president of global operations – $11.9 million for stock and options
– Don Carty – $10 million
– Other board members divided the other $7 million
– Top executives made a total of $42.1 million
– Michael Dell was paid $461,752 for 33,582 shares that he had in a retirement plan