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February 16, 2009
NetApp lays off 500, but CEO buys £2m jet
Dan Warmenhoven ‘earned over £4m’ last year
By Paul Boutin, The Industry Standard
NetApp has laid off about 500 of its 8,000 employees, after announcing a $75 million (£53 million) net quarterly loss. But chief executive Daniel Warmenhoven has just bought a £2.1 million jet.
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According to FAA records, Warmenhoven registered a Phenom 100 on 28 January. The plane, built by Brazilian company Embraer, seats four to six adults and typically sells for around $3 million (£2.1 million).
"The jet is privately owned and is not a NetApp corporate expense," said NetApp's director of corporate PR, Jodi Baumann. "Dan Warmenhoven purchased the jet 2 years ago as a personal expense. It was recently delivered to him due to a long wait list."
Warmenhoven makes an easy target in a downturn: His compensation last year was just shy of $6 million (£4.2 million), according to Forbes, including nearly a million in salary.
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