NEW YORK (AP) - PerkinElmer Inc. Executive Chairman Gregory L. Summe
received compensation valued at $11.3 million in 2007, when he also served as
the health and industrial sciences company's chief executive, according to a
regulatory filing Friday.
Robert F. Friel, who served as chief operating officer in 2007, replaced
Summe as president in July and became CEO on Feb. 1, 2008. Summe continues to
serve as chairman.
Summe's performance-based bonus more than doubled to $6.2 million in 2007,
which boosted his total compensation more than 50 percent above his pay package
in 2006, which totaled $7.4 million.
PerkinElmer awarded Summe an annual salary of $1 million. The company noted
that Summe's salary was reduced to $500,000 when he stepped down as CEO on Feb.
1.
The chairman also received stock and option awards that were valued by the
company at $3.8 million on the day they were granted. His other compensation
totaled about $270,000 and included a $25,000 car allowance, $20,000 financial
planning allowance and nearly $150,000 for his personal use of company aircraft.
Apart from his 2007 compensation, Summe realized about $12.4 million from
exercising stock options and $1.5 million on vesting stock awards.
Friel, the newly promoted CEO, received about $5.1 million in 2007, when he
served as COO. His compensation included a salary of $631,923 and a
performance-based bonus of about $2.5 million.
PerkinElmer noted that Friel's salary was raised to $700,000, from $600,000,
when he also became president in July. He salary was again boosted to $875,000
when he assumed the CEO title on Feb. 1, 2008.
Friel also received stock and option awards that were valued at about $1.9
million on the day they were granted. His other compensation totaled about
$75,000 and included a car allowance of about $17,500 and a financial planning
allowance of $12,000.
Apart from his 2007 compensation package, Friel realized more than $725,000
on vesting stock awards.
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 fiscal 2007, PerkinElmer earned $131.7 million, or $1.09 per share,
compared with profit of $119.6 million, or 95 cents per share, in 2006. Revenue
rose to $1.79 billion from $1.55 billion.
During the year, PerkinElmer also acquired ViaCell Inc., which processes and
stores stem cells taken from umbilical cord blood, and agreed to buy Pediatrix
Medical Group Inc.'s newborn metabolic screening business.
In 2007, PerkinElmer shares climbed from a low of $21.28 in early January to
reach a high of $30 in September. The stock then fell back to close the year at
$26.02.
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