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.
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.