UPS CEO’s compensation rises by 6.2% in 2009
The chairman and chief executive officer of UPS Inc., Scott Davis, received total compensation valued at $5.5m last year, a 6.2% increase from 2008, according to a regulatory filing. An analysis of the filing with the Securities and Exchange Commission shows Davis, 58, received a salary of $1m, reports the The Associated Press.
According to the The Associated Press, he did not receive a bonus, per se, though his salary included a bonus equal to one-half of one month’s pay. He also received a performance-based bonus of $130,523 and other compensation of $31,345.
There are no above-market or preferential earnings in the UPS deferred compensation plan.
Davis also received stock and option awards the company valued at $4,327,948 on the days they were granted.
The total compensation of $5,489,816 in 2009 compares with the $5,168,664 he received in 2008.
UPS’ latest proxy shows Davis receiving $401,749 more in stock awards in 2008 than the company had previously reported. That’s because UPS restated some figures for prior years in light of new accounting rules. That would imply a year-over-year decline in total compensation, versus the AP’s calculation, which showed a year-over-year increase.
The Associated Press’s total pay calculations include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.
UPS’ annual meeting will be held on 6 May in Wilmington, Del.
The proposals to be voted on are the election of 10 directors to serve until the 2011 annual meeting, to ratify the appointment of Deloitte & Touche LLP as UPS’ independent registered public accountants for the year ending Dec. 31, 2010, and to approve a proposal removing the voting standard from UPS’ certificate of incorporation so that the board may provide for majority voting in uncontested director elections.
Shares of UPS, also known as United Parcel Service, rose 6% on a split-adjusted basis during 2009.
