LEXMARK CEO GETS 36% PAY CUT IN 2009

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LEXMARK CEO GETS 36% PAY CUT IN 2009

 user 2010-03-22 at 11:00:22 am Views: 127
  • #23593
    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.