Report puts Eastman's 2006 compensation for J. Brian Ferguson at $7.4 million

Associated Press • Mar 28, 2007 at 12:00 AM

NEW YORK — Eastman Chemical Co. Chairman and Chief Executive J. Brian Ferguson received total compensation in 2006 valued by the company at $7.4 million, according to the chemical and plastics maker's annual proxy statement.

The Associated Press calculates total pay based on salary, bonuses, incentives, perquisites, above-market returns on deferred compensation and the value of stock options and other awards granted during the year, according to a Houston Chronicle report. This figure doesn't include changes in the present value of pension benefits and may differ from the total compensation listed in proxy statements.

Ferguson received $1.1 million in salary, $1 million in non-equity incentive plan compensation and $205,359 in "other" compensation, including $178,654 of matching contributions to his 401(k) plan, as well as personal use of corporate aircraft, financial counseling and home security system fees.

He also was awarded stock and options the company valued at $5.1 million on the days they were granted, according to Eastman's filing with the Securities and Exchange Commission.

In 2006, Eastman's earnings fell to $409 million, or $4.91 per share, from $557 million, or $6.81 per share, in the prior year. Annual revenue grew to $7.45 billion from $7.06 billion.

The company's NYSE-listed shares rose in 2006 from a low of $47.30 in early February to hit a high of $61.29 in late October, and ended the year up 14 percent. The stock recently hit a new year-high of $64.77.

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