Reynolds CEO paid $6.4M in 2006 |
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Fri, 09 Mar 2007 01:04
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NEW YORK (AP) - Susan M. Ivey, chairman and chief executive of Reynolds American Inc., received a compensation package valued by the company at $6.4 million for 2006, according to a proxy statement filed Thursday.Ivey received a salary of $1.14 million, incentive compensation of $2.22 million and restricted stock the company valued at $2.8 million on the date the award was granted. She received perks worth $206,897 for items including executive liability insurance, complimentary tobacco products, personal airline flights on company-owned planes and contributions to a defined benefit plan.The restricted stock grants were valued at $52.60, the closing price for Reynolds stock on March 6, 2006.The Associated Press calculations of total pay 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.Winston-Salem, N.C-based Reynolds -- maker of Camel, Kool and Pall Mall cigarettes -- reported last month that fourth-quarter profit fell 39 percent as it wrote down the value of some trademarks and shipped fewer cigarettes to wholesalers.The company's net income dropped to $180 million, or 61 cents per share, from $297 million, or $1.01 per share, in the year ago period. Revenue edged up 1 percent to $2.07 billion from $2.05 billion in the previous year.For the year, Reynolds American reported earnings of $1.21 billion, or $4.10 per share, compared with $1.04 billion, or $3.53 per share, in 2005. Revenue rose to $8.51 billion from $8.26 billion a year earlier.The company forecast 2007 earnings per of $4.25 to $4.45.When the earnings results were announced, Ivey said the company remained optimistic for growth this year.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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