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Novell cut CEO's pay in 2002

PROVO — Novell Inc., which makes software that manages computer networks, cut Chief Executive Officer Jack Messman's compensation 51 percent last year as the company's shares fell 31 percent.

Messman, 62, who became president and CEO in July 2001, received $1.96 million in salary, bonus, stock and other compensation in the 12 months ending in October, down from $4.02 million the previous year, Novell said in a proxy filed with the Securities and Exchange Commission.

Messman also got 550,000 stock options, down from 2.42 million a year earlier.

Messman joined Novell as CEO in July 2001 when the company acquired Cambridge Technology Partners, and he became chairman four months later. Novell shares have dropped as sales of its NetWare operating system software slowed after losing to Microsoft Corp.'s Windows programs in the 1990s.

Novell also said it closed a venture-capital fund formed in December 2001 after failing to raise money. The company had committed $15 million to the fund. Messman and other company executives had promised to invest undisclosed amounts to become limited partners.

Novell shares were priced at $2.47 early Tuesday, down 6 cents from Monday's close. In the past year, the price has ranged from $1.57 to $4.07.

The company has 5,724 employees, including 2,019 in Utah.