WITH $9B IN DEPT WHY DO XEROX CEO's STILL GET PAY RAISES ?

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Date: Wednesday April 13, 2011 09:57:20 am
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    WITH $9B IN DEPT WHY DO XEROX CEO’s STILL GET PAY RAISES ?

    Burns’ pay jumps to $13.2 million in 2010
    Xerox Corp. chairman and CEO Ursula Burns earned $13.2 million in 2010, up from $11.2 million in 2009, new filings with the Securities and Exchange Commission show.

    Burn’s total compensation for last year included a salary of $1.1 million; stock awards totaling $7.5 million; $1.7 million in non-equity incentive plan compensation; nearly $400,000 in other compensation; and $2.6 million from a change in pension value.

    As Xerox’s leader, Burns is eligible for perks including personal use of the company aircraft, home security and an annual physical exam.

    Other top executives’ compensation—which includes a base salary and other compensation—follows:

        Lawrence Zimmerman, former vice chairman and chief financial officer who retired April 1, earned $7.4 million in 2010, up from $3 million the previous year;

        Lynn Blodgett, executive vice president and president and CEO of Xerox company Affiliated Computer Service Inc., earned $6.1 million in 2010; the prior year’s compensation was not provided since ACS was not fully integrated with Xerox;

        Armando Zagalo de Lima, executive vice president and president of Xerox Global Customer Operations, earned $6.4 million in 2010; 2009 information was not provided since he took the job in February 2010;

        James Firestone, executive vice president and president of corporate operations, earned $4.8 million in 2010, up from $4.5 million the prior year; and

        Anne Mulcahy, former chairman, earned $6 million in 2010, up from $4.9 million in 2009.

    The compensation information was included in a proxy filed with the SEC Tuesday announcing the company’s annual shareholders’ meeting May 26 at Xerox headquarters in Connecticut.

    At the meeting, shareholders will vote on the election of 10 directors, ratify the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2011 and to approve, on an advisory basis, the 2010 compensation of the firm’s named executive officers.

    The company is slated to release its first-quarter earnings April 21.

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