By Tess Stynes
United Parcel Service Inc. on Tuesday said Chief Executive David
P. Abney's total compensation for 2014 more than doubled, including
a base salary increase he received in September when he was
promoted to the helm of the package-delivery giant.
Mr. Abney, who had been the company's chief operating officer,
succeeded Scott Davis, who retired as CEO but stayed on as
chairman. The move signaled the U.S. shipping giant's growing focus
on its international operations.
Mr. Abney's total compensation package rose to nearly $8.4
million in 2014 from $4.1 million in 2013, according to a filing
with the Securities and Exchange Commission. The pay package
included an increase in his base salary to $674,546 from $499,494.
However, most of the pay increase was in the form of stock awards,
which rose to $5.4 million from $3.2 million.
Mr. Davis's total pay package rose 64% to nearly $17 million,
mostly owing to stock awards that increased to $13.7 million from
$8.3 million. His salary fell to $830,835 last year from $1.1
million in 2013.
In a statement, UPS said the executive compensation increases
reflect a change in the company's long-term incentive performance
award program and changes in pension value stemming from lower
discount rates and changes in other assumptions.
Write to Tess Stynes at tess.stynes@wsj.com
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