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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.
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