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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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