Dear Bob the Beaver,
I heard that Mike Worhach, president of Auspex Systems Inc. (Nasdaq: ASPX) which just filed for bankruptcy had a contract that guaranteed him $1 million a year! Seems like a ton of money for a company that was going down the toilet, no? (See Auspex Shuts Down.)
Shock and Auspex
Dear Shock,
I checked with Worhach and he told us his first-year salary at Auspex was $350,000 and he received a guaranteed commission of $300,000 so that was $650,000 guaranteed for the first year. However, he also received a signing bonus (he wouldn't say how much that was), which was paid over a period of time. Worhach joined Auspex in August 2000 after serving as a sales VP at Data General, which EMC Corp. (NYSE: EMC) bought in 1999.
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