NEW YORK (AP) - The chairman and chief executive of packaging and specialty
chemicals maker MeadWestvaco Corp. received compensation valued at $8.6 million
in 2007, a 20 percent increase over his 2006 pay package, according to a
regulatory filing.
John A. Luke received a $1 million salary and a $2.3 million
performance-based bonus. He also received stock and option awards valued by the
company at $4.4 million on the day they were granted.
The CEO received about $900,000 in other compensation, which included
$750,000 for expenses to relocate after MeadWestvaco's headquarters was moved to
Richmond, Va., from Stamford, Conn. He also received more than $35,000 for home
security guard services and $10,000 for financial planning.
Apart from his 2007 compensation, Luke realized $1.3 million as stock awards
from previous years vested.
The AP's total pay calculations 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 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.
In 2007, MeadWestvaco's profit more than doubled to $285 million, or $1.56
per share. Revenue rose 6 percent to $6.91 billion. The company reported strong
results despite restructuring charges and higher raw material costs. The slowing
economy also hurt some consumer-packaging businesses in the fourth quarter.
The company's stock gained about 3 percent during 2007, closing the year at
$31.30, after coming down from its 52-week high of $36.50 in mid-July.
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