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http://www.businessweek.com/ap/financialnews/D9EB43J00.htm
LEXMARK CEO GETS 36% PAY CUT IN 2009
Lexmark CEO gets 2009 pay of $2.2M, down 36 pct.
The chairman and CEO of printer and copier maker Lexmark
International Inc. received compensation worth $2.2 million in 2009,
down 36 percent from the year before, according to an Associated Press
calculation of figures filed with regulators.Paul Curlander, 57,
drew a salary of $1 million in 2009, roughly unchanged from 2008.
However, last year Curlander did not receive any compensation in the
form of stock and options. In 2008, Curlander received stock and options
that were worth $2 million on the dates they were granted.Curlander’s
performance-based cash bonus tripled to $1.1 million from $336,000. The
value of his other compensation grew 21 percent to $92,000 from
$76,000. It included $65,000 in matching contributions under Lexmark’s
deferred compensation plan.In 2008, Curlander received a pay
package worth about $3.4 million. Curlander has been chairman and CEO of
Lexmark since April 1999.In 2009, the Lexington, Ky., company posted a
profit of $145.9 million, or $1.86 per share, on $3.88 billion in
revenue. Its stock declined modestly during the year, opening at $26.90
and finishing at $25.98. Lexmark shares closed at $34.57 Monday.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.
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