These Are Dell’s Five Highest Compensated Executives In Fiscal Year 2022

Dell’s top five executives recorded a combined $93 million in total compensation in fiscal year 2022 as the tech giant recorded record revenue, cash flow and earnings.

Dell Technologies’ fiscal 2022 was marked by records: $101.2 billion in record revenue, record cash flow of $7.1 billion and record diluted earnings per share of $6.26.

And for that, the top five Dell executives were rewarded handsomely with a combined $93 million in total compensation in fiscal year 2022, according to the Round Rock, Texas-based company’s annual proxy filing.

Dell’s 2022 fiscal year ended on Jan. 28, 2022, but the proxy was filed with regulators May 6.

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The symbolic shareholder vote on total compensation will take place on June 27 at Dell Technologies Inc.’s 2022 annual meeting of stockholders. Their approval is not needed to rubber stamp the payouts.

The largest voting shareholder apart from the CEO is the private equity firm Silver Lake Partners, which owns 95.5 million shares, or about 12.8 percent of the company. That’s about 0.5 percent less than the private equity firm owned last year when it had 13.3 percent of Dell’s shares.

Meanwhile, Dell – like most tech public tech companies – has witnessed its stock price deteriorate this year. Since Jan. 3, Dell stock has sunk 22 percent to $43.93 per share as of May 18.

Here are the top five Dell executives and their pay packages for fiscal year 2022.

5. CEO Michael Dell

Total FY2021 compensation: $930,000

Total FY2022 compensation: $3.4 million

57-year-old Dell – who voluntarily agreed to forgo a portion of his base salary in fiscal year 2021 -- recently hosted a renewed Dell Technologies World, the vendor’s first in-person event since the pandemic, where he declared the battle between “on-prem” and “cloud” kaput, and outlined his vision for the ubiquitous multi-cloud concept.

Dell reimburses the company for the personal security it provides to he and his family. He spent $100,000 more on security in fiscal year 2022 than the previous year, paying $1.7 million back to his company.

4. William F. Scannell

Total FY2021 compensation: $12.1 million

Total FY2022 compensation: $10.611 million

The Medfield, Mass. resident has been with Dell for 36 of the company’s 38 years, rising to his current role as President of Global Sales and Customer Operations. He led the company to $86.6 billion in revenue in 2021, an increase of 2 percent over the previous year.

Scannell’s total compensation is determined, in part, by whether the company hits revenue benchmarks. For Scannell to collect all of it in 2022, Dell needed to hit a non-GAAP revenue of $84.4 billion and non-GAAP income of $6.7 billion. It had a record-setting year, with Scannell’s revenue operation pulling in $101 billion. However, if Dell had made $105.5 billion in non-GAAP revenue with $8.4 billion in non-GAAP income, Scannell would have been in line to get a 175-percent of his bonus.

3. Thomas W. Sweet, CFO

Total FY2021 compensation: $7.3 million

Total FY2022 compensation: $10.61 million

The 25-year Dell veteran previously worked for accounting giant Price Waterhouse Cooper and Telos Corp. before working his way up to become the hardware giant’s chief financial officer.

In addition to his responsibilities at Dell, he keeps the books at Dell Financial Services, Dell Technologies Capital as well as Boomi.

2. Jeffrey W. Clarke, co-COO

Total FY2021 compensation: $15.05 million

Total FY2022 compensation: $17.26 million

Clarke’s role as co-chief operating officer was put to the test over the previous 26 months as global upheaval made the company’s laptops a must have, and at times, impossible to get item.

He was recognized by his fellow Dell executives at the recent Dell Technologies World for his keen ability to navigate the supply chain backlog by giving partners accurate information about product availability.

He said it wasn’t always the information they wanted to hear, but it was at least usually correct. Dell partners have also praised the company’s ability to provide accurate delivery dates.

Clarke has been with the company for 38 years.

1. Co-COO Anthony “Chuck” Whitten

Total FY2022 compensation: $51.42 million

Total FY2022 compensation: N/A

Whitten was a Bain & Company consultant for 23 years. While he led Bain’s Southwest region, the business more than doubled, was among the best Bain office in employee satisfaction, recognized in 2020 and 2021 as one of Fortune Magazine’s best workplaces in Texas. Whitten spent the last ten years working with technology clients, where he worked with Dell in shaping the company’s long-term strategy. He was was wooed to join Dell as Co-Chief Operating Officer last year.

Whitten graduated with honors from Rice University, and then received an MBA from Harvard Business School in 2004. He now expects to earn $51 million this year – almost as much as the entire 18-players currently signed to the NHL’s Columbus Blue Jackets roster who are due to earn a combined $54 million in 2022.

In order to win him away from Bain & Company, Dell gave Whitten “a cash sign-on bonus of $5 million,” according to the filing. Further, “to secure his services,” Dell also awarded Whitten a $45 million “new hire equity award” in the form of time-based RSUs with five-year ratable vesting. The rub is that according to the filing “98 percent of Mr. Whitten’s pay is at-risk, time-based and performance-based pay.”