April 11, 2012
Performance compensation sees dramatic reduction following lowest sales since 2008.
Xerox CEO Ursula Burns has had a severe reduction in performance incentives, which typically make up the majority of cash-based compensation for CEOs and equivalents, from $3.1 million (€2.3 million) to $2.2 million (€1.6 million), following a poor year for the printer manufacturer, reports Democrat and Chronicle.
The figure includes her $1.1 million (€837,000), which saw an increase of 4.7 percent, although do not take into account any stock or stock options. Xerox board members saw an increase in average pay, with $77,500 (€58,987) in fees and received stock awards valued at $130,000 (€98,882) for 2011, compared with $66,800 (€50,810) in fees and stock awards at $110,000 (€83,669) in 2010.
Democrat and Chronicle note that “most American captains of industry saw salary bumps in 2011 […] the average base CEO salary in the US went up 1.6 percent. Compensation consulting firm Pearl Meyer & Partners found that nearly half of Fortune 500 CEO received base-pay increases of two percent to four percent, while slightly less than 20 percent saw a base salary cut or freeze”.
Pearl Meyer also states that nearly 60 percent of Fortune 500 CEOs are expecting a two to four percent pay rise for 2012.
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