KODAK CEO PAY MORE THAN DOUBLED TO $10.2M IN 2009

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KODAK CEO PAY MORE THAN DOUBLED TO $10.2M IN 2009

 user 2010-04-05 at 10:12:31 am Views: 47
  • #23794
    http://www.google.com/hostednews/ap/article/ALeqM5glsycLaJSOYYurVNlKsthiS2UVDAD9EPROH01
    KODAK CEO PAY MORE THAN DOUBLED TO $10.2M
    IN 2009

    ROCHESTER, N.Y. — The
    chairman and CEO of Eastman Kodak Co. received compensation valued at
    $10.2 million in 2009 as the imaging pioneer rallied from a
    recession-triggered slump, according to an Associated Press analysis of a
    regulatory filing Wednesday.

    Antonio Perez, 64, received the
    bulk of his pay hike as a performance-based cash bonus worth $1.7
    million, plus stock and option awards valued at $7.2 million when they
    were granted. He received no bonus in 2008 when his total compensation
    totaled $4.4 million.

    Perez drew a base salary of $988,600 in
    2009, down from the nearly $1.1 million salary he’s had since he took
    the helm in 2005. Kodak trimmed the salaries of top executives a year
    ago as the ailing global economy sapped demand for digital cameras, film
    and other photography products.Perez’s pay package in 2009 also
    included other compensation of $232,079, including personal use of the
    company’s plane, home and personal security and financial counseling
    services.

    The Associated Press formula is designed to isolate the
    value the company’s board placed on the executive’s total compensation
    package during the last fiscal year. It includes salary, bonus,
    performance-related bonuses, perks, above-market returns on deferred
    compensation and the estimated value of stock options and awards granted
    during the year.

    The calculations don’t include changes in the
    present value of pension benefits, and they sometimes differ from the
    totals companies list in the summary compensation table of proxy
    statements filed with the Securities and Exchange Commission, which
    reflect the size of the accounting charge taken for the executive’s
    compensation in the previous fiscal year.

    Eastman Kodak, based in
    Rochester, N.Y., eliminated 4,100 jobs in 2009, shrinking its work
    force to of 20,300, the smallest since the 1930s.The company broke a
    series of four straight quarterly losses with a $443 million profit in
    the last three months of 2009 as sales rose 6 percent to $2.58 billion.
    Its results were lifted by consumer and commercial inkjet printer sales
    and big licensing gains from its rich array of digital-imaging
    inventions.