NEW YORK (AP) - The president and chief executive of Sealed Air Corp., which
makes bubble wrap, received about $3.1 million in 2007, just above the $3
million he made a year ago, according to a proxy statement Thursday.
William V. Hickey received a base salary of $562,500 and a performance-based
bonus of $460,000. He received $49,505 in other compensation, including $16,000
in dividends paid on unvested awards; $9,655 for personal use of company-leased
car; $13,500 for the company contribution to a profit-sharing plan; and $6,750
for contributions to his 401(k) plan.
He also received stock and option awards the company valued at about $2
million on the day they were granted.
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 don't include changes in the present value of pension benefits.
In January, the Elmwood, N.J.-based company said yearly profit rose 29
percent to $353 million, or $1.89 per share, from $274 million, or $1.47 per
share in the prior year, as strong international sales offset higher resin and
energy costs. Revenue rose 7 percent to $4.65 billion from $4.33 billion in
2006.
The share price fell 29 percent during the year, adjusted for a 2-for-1
stock split in March.
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