Business
Dell gives $300,000 bonus to outgoing CFO Don Carty
04:17 PM CDT on Monday, June 30, 2008
Dell Inc. gave its former chief financial officer $300,000 last week for helping manage the company's responses to investigations of its accounting practices.
The company disclosed the payment to Donald J. Carty, who remains on the Dell board, in a regulatory filing Monday.
Carty, 61, stepped down effective June 13 after 18 months on the job. He was hired at a time when Dell's accounting was under scrutiny.
In a filing with the Securities and Exchange Commission, the company said Carty managed the company's responses to internal and SEC investigations, helped design the company's current business strategy and craft productivity and cost-control initiatives.
In the fiscal year that ended Feb. 1, Carty was paid a salary of $766,346, nonstock incentives of $934,176 and other compensation of $3,746,593, almost all of which was payment for stock options that expired during a period when Dell suspended exercise of options because of delay in issuing the company's annual report the year before.
Carty — like founder and Chief Executive Michael Dell — received neither a bonus nor new stock or option awards in the past year, although other high-ranking executives did.
The Round Rock-based company announced in May that Carty would step down. He is a former chief executive at AMR Corp., the parent of American Airlines.
Brian T. Gladden, a plastics industry executive, succeeded Carty as CFO.
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