The Register theregister.co.uk
Posted 27/05/99 5:43pm by Mike Magee
June 11 sweet spot for ex-Dec execs
Information we have received, sub-Rosa, says for a fact that on June 11 senior DEC staff will leave with huge redundancy payments.
According to many insiders at DEC, sorry Compaq, the payoffs will be very high.
One DEC (sorry Compaq) insider told us: "June 11 is the last day that category two and category three vice presidents can quit to automatically get their packages from the takeover."
Another insider told The Register what that statement meant. She said that Compaq, despite taking over DEC, could not take over employer terms and conditions (Ts&Cs).
In fact, Compaq is bound by law to honour those Ts&Cs.
"That they're leaving after they stayed the full year is a sign that if you offer someone making $150,000 per year is a lump sum. Thank you very much." Perhaps she was embittered.
But another source at Compaq-DEC upped the ante by saying that Ben Rosen, CEO of the hardware firm in Houston, had insisted VPs based in New England moved to Houston.
That was not an option for most, he said. "Most of these guys are in their 50s and have been with Digital in New England for ten plus years. They have wives, kids and mistresses and none of them were up for a move."
Two weeks ago, Paul Otellini, a senior VP at Intel in Santa Clara said he would not move to Houston either, even if he was offered the job. He suggested that perhaps Oracle's Ray Lane should take up the baton. ®
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