Isilon boosts CEO Patel's salary |
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Isilon boosts CEO Patel's salary
Sujal Patel
Isilon Systems, the Seattle-based digital storage company that turned its first quarterly profit last week, today announced plans to boost the salary of CEO Sujal Patel by 30 percent, to $325,000, effective April 5. The company said in a regulatory filing that its compensation committee also raised the base salary of Isilon's chief financial officer, Bill Richter, from $185,000 to $225,000.
The company has turned itself around under the leadership of Patel, its founder, who stepped back in as CEO after a series of accounting problem under the previous executive team. The company is also boosting Patel's approved performance-based incentive compensation targets from $200,000 to $250,000 for the 2010 fiscal year.
Patel told TechFlash last week that Isilon should turn an annual profit this year. As noted by the Puget Sound Business Journal, Isilon did not adjust base salaries of any other executives as part of today's announcement.
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John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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