Posted by: Dave Raffo
emc, Joe Tucci
EMC CEO Joe Tucci isn’t publicity shy, but he almost certainly wishes he could have avoided his front-page exposure in the Wall Street Journal this week.
The Journal Thursday led a story on corporate jet abuse with Tucci’s use of EMC jets. The Journal claimed EMC jets made 393 trips over four years to areas where Tucci has vacation homes – Cape Cod, Mass., the New Jersey shore and the Florida keys. That comes to more than 98 flights a year to those sites.
The newspaper estimated the cost of EMC’s flights to those airports at $3.1 million, while noting that EMC puts the cost at $664,079.
A follow-up story in the Boston Herald today quotes an email from an EMC shareholder who took exception to Tucci’s jet-setting on the corporate dime:
“In exceptional cases, we sometimes speak out with other share owners about executive excesses,” wrote Clark McKinley, spokesman for the California Public Employees’ Retirement System, in an e-mail. “As far as I know now, this is one of them.”
The Herald story said CPERS owns 5.4 million shares of EMC stock.
Tucci, 63, ranks 15th on Forbes’ 2011 corporate compensation list with $31.63 million in salary, bonuses and stock gains. He has been paid $86.79 million over the past five years, according to Forbes.