If you’ve been distracted by that pesky trial of a certain former Brocade CEO, then you can be forgiven for not noticing just how great things are going at the company.
“Oh, really?” you ask.
Yes, indeed. Why, just look at the 8-K the company filed today. The company disclosed that on July 30, “following an extensive market comparison of compensation levels at peer companies led by an outside compensation consultant,” the board’s compensation committee approved “certain market adjustments” in the pay of some executives.
Okay, hands up: Who thinks they voted for a pay cut? Wrong!
The committee approved the following raises:
-Michael Klayko, CEO, from $580,000 to $680,000.
-Richard Deranleau, CFO, from $325,000 to $340,000.
-Tejinder (TJ) Grewal, vice president of corporate development, from $290,000 to $315,000.
The company’s stock is just a bit higher than it was a year ago. And it will report third quarter earnings later this month. But it’s second quarter revenue ending in April was $345.3 million, up 89% from $182.7 million for the same quarter one year ago.
