Xerox Ceo Salary Jumps To $22M, Exec Staff Raking In Millions In 2014

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Xerox Ceo Total Compensation Jumps To $22M, Exec Staff Raking In Millions In 2014
Xerox CEO Burns pay package jumps in 2014
By ANDREA DECKERT
Rochester Business Journal

Ursula Burns, Xerox Corp. chairman and CEO, received a flat base salary in 2014 compared with 2013, but a 40 percent increase in her total compensation, the company’s proxy statement filing with the Securities and Exchange Commission shows.

Xerox reported Burns received total compensation of $14.5 million in 2014 includes a salary of $1.1 million and bonus of nearly $2 million, the filing states. Burns also received stock awards totaling $7.8 million. That compares with 2013, when her total compensation was $10.2 million, which included a base salary of $1.1 million and a bonus of $1.3 million. She also received stock awards totaling $7.8 million for 2013.

Burns also saw the value of her pension increase by $3.4 million in 2014. The increase primarily was attributable to a decrease in the discount rate from 2013 to 2014 and changes in mortality assumptions, Xerox said in the filing. Assuming no change in the assumptions in 2014, the pension would have increased in value by $633,099.

Stock awards for 2013 were awarded Jan. 1, 2014, but the company views them as compensation for 2013, Xerox states in the filing. When those stock awards to Burns are accounted for in 2014—per SEC rules—her total compensation totals $22.2 million, up from $2.5 million in 2013. Her 2013 compensation, using the SEC rules, correspondingly drops by 81 percent from 2012.

Burns’ compensation—and that of its other top executives—were included in a notice of Xerox’s annual meeting of shareholders, which is slated for May 20 at the company’s corporate headquarters in Norwalk, Conn.

At the meeting, shareholders will be asked to vote on the election of nine directors, the ratification of the selection of PricewaterhouseCoopers LLP as its independent registered public accounting firm for 2015 and the approval, on an advisory basis, of the 2014 compensation of its named executive officers.

Compensation for the other Xerox top executives follows:

• Kathryn Mikells, chief financial officer, total compensation of $4.4 million, including a base salary of $700,000 and bonus of $630,000, along with stock awards totaling $2.8 million;
• Robert Zapfel, president of Xerox Services, total compensation of nearly $5.6 million, including a base salary of $600,000 and bonus of $540,000, along with stock awards totaling $4.4 million;
• Jeffrey Jacobson, president of Xerox Technology, total compensation of $3.8 million, including a base salary of $662,500 and a bonus of $596,250, plus stock awards totaling $2.5 million;
• James Firestone, president of corporate strategy and Asian operations, total compensation of $4.4 million, including a base salary of $714,000, bonus of $642,600 and stock awards totaling $2 million;
• Lynn Blodgett, former president of Xerox Services, total compensation of $4.6 million, including a base salary of $833,654 and bonus of $765,000, as well as stock awards of $3 million; and
• Armando Zagalo de Lima, former president of Xerox Technology, total compensation of $5.1 million, including a base salary of $750,000 and bonus of $675,000, plus stock awards of $2.5 million.

Firestone's total compensation included a $982,360 increased in the value of his pension. Excluding the changes to the discount rate and  mortality assumptions, the increase to his pension would have been $157,615.

Xerox Ceo Total Compensation Jumps To $22M, Exec Staff Raking In Millions In 2014
Xerox CEO Burns pay package jumps in 2014
By ANDREA DECKERT
Rochester Business Journal

Ursula Burns, Xerox Corp. chairman and CEO, received a flat base salary in 2014 compared with 2013, but a 40 percent increase in her total compensation, the company’s proxy statement filing with the Securities and Exchange Commission shows.

Xerox reported Burns received total compensation of $14.5 million in 2014 includes a salary of $1.1 million and bonus of nearly $2 million, the filing states. Burns also received stock awards totaling $7.8 million. That compares with 2013, when her total compensation was $10.2 million, which included a base salary of $1.1 million and a bonus of $1.3 million. She also received stock awards totaling $7.8 million for 2013.

Burns also saw the value of her pension increase by $3.4 million in 2014. The increase primarily was attributable to a decrease in the discount rate from 2013 to 2014 and changes in mortality assumptions, Xerox said in the filing. Assuming no change in the assumptions in 2014, the pension would have increased in value by $633,099.

Stock awards for 2013 were awarded Jan. 1, 2014, but the company views them as compensation for 2013, Xerox states in the filing. When those stock awards to Burns are accounted for in 2014—per SEC rules—her total compensation totals $22.2 million, up from $2.5 million in 2013. Her 2013 compensation, using the SEC rules, correspondingly drops by 81 percent from 2012.

Burns’ compensation—and that of its other top executives—were included in a notice of Xerox’s annual meeting of shareholders, which is slated for May 20 at the company’s corporate headquarters in Norwalk, Conn.

At the meeting, shareholders will be asked to vote on the election of nine directors, the ratification of the selection of PricewaterhouseCoopers LLP as its independent registered public accounting firm for 2015 and the approval, on an advisory basis, of the 2014 compensation of its named executive officers.

Compensation for the other Xerox top executives follows:

• Kathryn Mikells, chief financial officer, total compensation of $4.4 million, including a base salary of $700,000 and bonus of $630,000, along with stock awards totaling $2.8 million;
• Robert Zapfel, president of Xerox Services, total compensation of nearly $5.6 million, including a base salary of $600,000 and bonus of $540,000, along with stock awards totaling $4.4 million;
• Jeffrey Jacobson, president of Xerox Technology, total compensation of $3.8 million, including a base salary of $662,500 and a bonus of $596,250, plus stock awards totaling $2.5 million;
• James Firestone, president of corporate strategy and Asian operations, total compensation of $4.4 million, including a base salary of $714,000, bonus of $642,600 and stock awards totaling $2 million;
• Lynn Blodgett, former president of Xerox Services, total compensation of $4.6 million, including a base salary of $833,654 and bonus of $765,000, as well as stock awards of $3 million; and
• Armando Zagalo de Lima, former president of Xerox Technology, total compensation of $5.1 million, including a base salary of $750,000 and bonus of $675,000, plus stock awards of $2.5 million.

Firestone's total compensation included a $982,360 increased in the value of his pension. Excluding the changes to the discount rate and  mortality assumptions, the increase to his pension would have been $157,615.

Xerox Ceo Total Compensation Jumps To $22M, Exec Staff Raking In Millions In 2014
Xerox CEO Burns pay package jumps in 2014
By ANDREA DECKERT
Rochester Business Journal

Ursula Burns, Xerox Corp. chairman and CEO, received a flat base salary in 2014 compared with 2013, but a 40 percent increase in her total compensation, the company’s proxy statement filing with the Securities and Exchange Commission shows.

Xerox reported Burns received total compensation of $14.5 million in 2014 includes a salary of $1.1 million and bonus of nearly $2 million, the filing states. Burns also received stock awards totaling $7.8 million. That compares with 2013, when her total compensation was $10.2 million, which included a base salary of $1.1 million and a bonus of $1.3 million. She also received stock awards totaling $7.8 million for 2013.

Burns also saw the value of her pension increase by $3.4 million in 2014. The increase primarily was attributable to a decrease in the discount rate from 2013 to 2014 and changes in mortality assumptions, Xerox said in the filing. Assuming no change in the assumptions in 2014, the pension would have increased in value by $633,099.

Stock awards for 2013 were awarded Jan. 1, 2014, but the company views them as compensation for 2013, Xerox states in the filing. When those stock awards to Burns are accounted for in 2014—per SEC rules—her total compensation totals $22.2 million, up from $2.5 million in 2013. Her 2013 compensation, using the SEC rules, correspondingly drops by 81 percent from 2012.

Burns’ compensation—and that of its other top executives—were included in a notice of Xerox’s annual meeting of shareholders, which is slated for May 20 at the company’s corporate headquarters in Norwalk, Conn.

At the meeting, shareholders will be asked to vote on the election of nine directors, the ratification of the selection of PricewaterhouseCoopers LLP as its independent registered public accounting firm for 2015 and the approval, on an advisory basis, of the 2014 compensation of its named executive officers.

Compensation for the other Xerox top executives follows:

• Kathryn Mikells, chief financial officer, total compensation of $4.4 million, including a base salary of $700,000 and bonus of $630,000, along with stock awards totaling $2.8 million;
• Robert Zapfel, president of Xerox Services, total compensation of nearly $5.6 million, including a base salary of $600,000 and bonus of $540,000, along with stock awards totaling $4.4 million;
• Jeffrey Jacobson, president of Xerox Technology, total compensation of $3.8 million, including a base salary of $662,500 and a bonus of $596,250, plus stock awards totaling $2.5 million;
• James Firestone, president of corporate strategy and Asian operations, total compensation of $4.4 million, including a base salary of $714,000, bonus of $642,600 and stock awards totaling $2 million;
• Lynn Blodgett, former president of Xerox Services, total compensation of $4.6 million, including a base salary of $833,654 and bonus of $765,000, as well as stock awards of $3 million; and
• Armando Zagalo de Lima, former president of Xerox Technology, total compensation of $5.1 million, including a base salary of $750,000 and bonus of $675,000, plus stock awards of $2.5 million.

Firestone's total compensation included a $982,360 increased in the value of his pension. Excluding the changes to the discount rate and  mortality assumptions, the increase to his pension would have been $157,615.

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April 7, 2015 at 1:28 PM