- Dell CEO Michael Dell is taking a temporary cut in pay this fiscal year as the company deals with the uncertainty caused by the coronavirus crisis.
- In a Wednesday filing with the Securities and Exchange Commission, Dell said Michael Dell's base salary will be eliminated starting in the May quarter through January 2021 when the company's current fiscal year ends.
- Dell withdrew its financial outlook late last month as the crisis was escalating. The company's shares are down more than 20% this year.
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Dell CEO Michael Dell is taking a temporary pay cut as the tech giant confronts the coronavirus crisis.
Dell said in a Wednesday filing with the Securities and Exchange Commission that Michael Dell, who is also the company's founder, has agreed to a temporary reduction of his entire base pay starting the May quarter through January 2021, when the current fiscal year ends.
The Dell founder is forgoing his base pay of $950,000 "in light of the disruption and uncertainty created by the global coronavirus pandemic," the filing said.
Dell is a leading provider of enterprise PCs and gear used to power corporate data centers, which have taken a hit in the crisis. The company withdrew its financial guidance for the current fiscal year citing the uncertainty caused by the pandemic.
However, the company could see an unexpected demand lift from the sudden rise of the remote workforce after businesses scrambled to buy laptops and notebooks for employees forced to work from home.
Dell shares have shed more than 20% year-to-date, as the Round Rock, Texas-based company reeled from the pandemic and the market crash.
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