Novell CEO's 2009 pay valued at US$5.7 million

CEO Ron Hovsepian's total compensation fell in 2009

Novell president and CEO Ron Hovsepian's total compensation fell 17% in 2009, amid declining annual revenue and a wider net loss.

Hovsepian received compensation in fiscal 2009 valued at US$5.7 million, compared to $6.9 million in 2008, according to documents filed late last week with the U.S. Securities and Exchange Commission.

His pay package includes a $925,036 salary, up slightly from $912,214 in 2008. Hovsepian also received $1.28 million in performance-based cash incentives, down from $2 million in 2008.

The estimated value of stock and option awards granted to Hovsepian during fiscal 2009 was $3.4 million. His other compensation and perquisites totaled $119,179 (including $101,678 in deferred compensation earnings).

As a company, Novell saw revenue decline 10% and its net losses widen during its fiscal year ended October 31. For fiscal 2009, Novell recorded a net loss of $213 million on revenue of $862 million. In 2008, the company lost $9 million on revenue of $957 million.

In its proxy statement filed with the SEC, Novell said it won't raise salaries for its named executive officers (NEO) in 2010 and will toughen its performance-based compensation targets:

"In response to continued economic challenges, salaries for the NEOs continue to be frozen, and target annual cash incentive levels remain flat for fiscal 2010. Moreover, targets for fiscal 2010 have been set at levels for the year that are designed to be significantly more difficult to achieve, in order for the NEOs to achieve 100% of their target annual cash incentive amount, than in fiscal 2009," Novell stated.

Hovsepian's total pay is calculated using data supplied in a proxy statement filed with the SEC on Feb. 26. The following figures are taken from the summary compensation table: salary, non-equity incentive plan compensation and all other compensation (perks and deferred compensation plan contributions). Added to those figures is the estimated value of stock options and awards granted during the year; that figure is taken from the table that summarizes grants of plan-based awards.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags careersnovellsalary

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Ann Bednarz

Network World
Show Comments

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Featured Content

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?