LEXMARK:EXECUTIVE COMPENSATION OF $ 8.2M

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LEXMARK:EXECUTIVE COMPENSATION OF $ 8.2M

 user 2007-03-20 at 9:25:00 am Views: 58
  • #17484

    Lexmark: Executive Compensation
    Paul J. Curlander, the chairman and chief executive of printer maker Lexmark International Inc. received a compensation package valued at $8.2 million in 2006, the company said in a proxy statement Friday.Curlander received a salary of $1 million and non-equity incentive plan compensation totaling $1.6 million for the year, according to the document filed with the Securities and Exchange Commission. He was also awarded $23,992 in other compensation that included $10,946 for financial planning reimbursement as well as $500 for a security assessment of his residence.Curlander, who has served as chairman and CEO since 1999, was also awarded restricted stock and stock options valued at $5.5 million on the dates that they were granted.

    In addition to his compensation package, Curlander exercised options with a total value of $3.7 million during the year.The Associated Press’ calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations do not include changes in the present value of pension benefits.Lexmark posted a 2 percent decline in its 2006 sales in January, and its net income fell 5 percent to $356.3 million. The company’s shares gained nearly 63 percent during 2006, to close at $73.20 at the end of December.On Friday, the Lexington, Ky., company’s shares rose 34 cents, to $59.23 on the New York Stock Exchange.Lexmark’s products include laser and inkjet printers and other imaging products. It was founded in 1991 as a spinoff of IBM and employs about 13,000 people worldwide.