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Tech Data execs: Nooooo... It's the INCREDIBLE SHRINKING payslip
For a given value of 'shrink' - they're still rolling in moolah
It's tough at the top. Just ask senior execs at distie titan Tech Data, who took home a smaller pay packet in fiscal '13 as sales and profits slipped.
But don't feel too sorry: CEO Bob Dutkovsky made $4.2m in total comps for the financial year ended 31 January, down 2.5 per cent from $4.31m in the previous 12 months.
His base salary edged up to just over $1m and his stock awards climbed slightly to $2.38m, but the annual bonus was slashed by 24 per cent to a meagre $750k, the Form 10-K (Annual Report) revealed.
Chief beancounter Jeffrey Howells also had a slightly less financially fruitful year, as his total package shrank from $1.96m to $1.88m, and again, his declining bonus was the cause of his pay cut.
Nestor Cano, the big boss in Europe – Tech Data's largest sales region - also took home less as his bounty fell by five per cent to $1.97m, with that damn performance-related pay hit.
Only the president of the Americas division, Murray Wright, took home more in fiscal '13, up 13 per cent year-on-year to $1.58m, based on a small salary increase and some hefty stock awards.
CTO John Tonnison made $1.06m but his financial haul for prior years was not revealed, so we don't know if he is better or worse off.
Tech Data described fiscal '13 as a "dynamic and challenging year of the company", with turnover down 1.1 per cent to $25.6bn and profit declining 7.6 per cent to $176.3m.
Filing of the fiscal '13 results were delayed by the accountancy investigation that was made public last March after the firm discovered vendor accounting errors in its UK sub.
The results of that probe surfaced this week when it emerged the distie had wiped $27m in net profit off fiscal '11, '12 and '13 due to the bean counting errors.
Staff that were responsible for the mistakes have been axed, though no one in the senior exec team have been blamed, and Tech Data is tightening up fraud measures to prevent another episode.
Before the end of February the company plans to file its Form 10-Q reports for the three month periods ending 30 April, 31 July, and October 31 during fiscal '13. ®