If the deal does go through, Broadcom has offered VMware executives a combined $164 million should they decide to leave, as CRN previously reported. That report sent VMware’s stock price to a 52-week high. Reuters reported last week that the EU was expected to agree to the deal, but only with conditions in place. The deal has cleared governments in South Africa, Brazil, and Canada which reserves the right to apply conditions to the merger for up to a year after it closes. Federal Trade Commission, the UK’s Competition and Markets Authority and the European Union’s Economic Commission each involved in deep dive investigations of how the mega-deal may harm markets. The company pending merger with Broadcom remains in the hands of global regulators, with the U.S. “We continued to make progress on our business model transition driven by our expanding subscription and SaaS portfolio, which resulted in FY23 subscription and SaaS annual recurring revenue growth of 30% year-over-year, totaling $4.66 billion,” the board wrote. VMware said it reached revenues of $13 billion last year, and did deliver more sales through subscription.
This was also one of the priorities mentioned by Broadcom CEO Hock Tan when he announced the takeover. VMware’s goal was to see him increase sales in its subscription offerings. VMware shareholders already approved the company’s merger with Broadcom in a December vote.Īs the board constructed its method for compensating CEO Raghu Raghuram, it offered him greater incentives around financial and operational performance, to the tune of a 150 percent salary bonus, an objective he met, the board said. Shareholders will have a chance to vote on compensation lined up for company officers on July 13, however the vote is symbolic and not binding. The company’s fiscal year ended in February. “In holistically evaluating FY23 performance, the Compensation Committee also took into consideration the (named executive officers’) leadership impact in achieving the Company’s operating plans and MBOs during a challenging period of unprecedented corporate uncertainty associated with the pendency of the Acquisition,” VMware’s proxy filing from June 1 stated. VMware’s top executives will take home a combined $42.4 million in total compensation this year as the team toiled last year against “unprecedented corporate uncertainty” brought about by the still-pending takeover by Broadcom.
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