Don't miss our upcoming Network Computing virtual event on Connectivity Solutions - Secure Your Complementary Seat Now!
2:00 PM -- Brocade Communications Systems Inc. (Nasdaq: BRCD) ex-CEO Greg Reyes was slapped last night with $2 million bail, a sum which, according to media reports, Reyes's lawyers describe as a government publicity stunt.
Publicity stunt or not, setting bail at $2 million underlines the feds' desire to come down hard on alleged stock shenanigans. And Reyes is already setting an example: Last month, he became the nation's first executive to be officially charged with stock options fraud. (See Reyes Charged With Fraud, Brocade: We're Clean, and Wit & Wisdom of Greg Reyes.)
With at least 80 other companies under investigation, prosecutors are clearly sending a message that they are only too happy to play hardball. (See Vendor Options Draw SEC Scrutiny.)
The $2 million seems somewhat less harsh when you consider the sort of lucre Reyes enjoyed at Brocade, prior to being sent packing in January 2005. (See Brocade Switches CEOs, Restates , Ex-CEOs Cash In, and 2005 Top Ten: Executive Payouts.) In 2004 alone, Reyes enjoyed a $344,825 bonus on top of his $500,000 salary. (See 2004 Top Ten: CEO Payouts.)
It now looks as if hotshot lawyers could be taking a sizable chunk of that money, as we get set for what looks like being another engrossing courtroom drama.
With the move to the cloud, CISOs must shift priorities from operating security programs to overseeing (monitoring and auditing) outsourced cybersecurity programs.
2022 was a boon year for IT salaries. 2023 came in like a beast with layoffs, raise freezes, and ChatGPT, but that beast has few teeth.
Age is only a number. Don't let a high number cancel your career.
