UPS CEO Davis earned $5.6m in 2008 total compensation

UPS CEO Scott Davis was paid $5.6m in total compensation last year, more than double his $2.64m in 2007 total compensation when he was CFO, according to the company’s proxy statement.

UPS CEO Scott Davis was paid $5.6m in total compensation last year, more than double his $2.64m in 2007 total compensation when he was CFO, according to the company’s proxy statement.
Davis assumed the top UPS post, and also became chairman on 1 January 2008. UPS attributed his big pay increase largely to the promotion.
His base annual salary climbed 60%, to $960,000 from $600,000.
In February, UPS announced that it has frozen management salaries, as well as suspended 401(k) matching contributions, in an effort to cut costs. UPS, the top package-delivery company, and other freight carriers have been dealing with sliding demand amid the weak economy.
UPS noted in the proxy statement it filed with the Securities and Exchange Commission that it is seeking shareholder approval for a “clawback” provision covering equity awards in its 2009 incentive compensation plan.
If approved during the company’s 7 May annual meeting, UPS will be able to seek repayment if financial results used to determine 2009 awards “are materially restated and an executive engaged in fraud or intentional misconduct,” the company said.
UPS also pointed out that former CEO Mike Eskew earned $6.03m in total compensation in 2007.