By Suzanna Kerridge, 17 July 2002 12:05
NEWS Computer Associates is still making a loss, but the company has managed to scrape together enough cash to give CEO Sanjay Kumar an 11 per cent pay rise. Kumar received a $1m pay packet but no bonus, according to a proxy statement filed with the Securities and Exchange Commission (SEC). The pay rise comes in a year when Kumar managed to shave 17 per cent off operating costs through making around 900 employees redundant and reducing revenue losses from $33m to a mere $3m. Kumar was not the only one to receive a golden thank you. The top five company executives received around $5.4m in pay and bonuses - up on last year's total of $5.1m. Over the past 12 months the company has had to contend with FBI and SEC investigations into its accountancy practices as well as a failed take-over coup by billionaire shareholder Sam Wyly. Undeterred, Wyly recently launched a fresh bid to wrestle control from the current board of directors by proffering his own executive team to shareholders. CA's stock price has fallen 80 per cent since its record high, leaving shareholders $35bn poorer.
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