DuPont CEO earned more than $10M in 2006

DuPont CEO earned more than $10M in 2006

	Published : Tue, 20 Mar 2007 22:08 By : Agencies Print this Story

DOVER, Del. (AP) - DuPont Co. chairman and chief executive officer Charles Holliday Jr. received compensation the company valued at $10.2 million last year, according to a regulatory filing made this week.

Holliday, 59, received a salary of about $1.3 million in 2006 and performance-based bonuses of $2.1 million, according to a proxy statement filed Monday with the Securities and Exchange Commission in advance of next month's annual meeting in Wilmington, where the chemical company is headquartered.

Holliday also was awarded stock shares and options with an estimated value of more than $6.7 million when they were granted. Other compensation totaled $65,326, including $21,546 for personal use of company aircraft, which the company requires for security reasons, and $85 for parking.

Executive vice president Ellen Kullman was second to Holliday in compensation, with her total valued at almost $5.5 million, including $1,238 for personal use of company aircraft. The company said Kullman was accompanied on a business trip by her husband, a DuPont marketing director whose own compensation topped $300,000 last year.

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. The calculations don't include changes in the present value of pension benefits and sometimes differ from the totals released by the companies.

DuPont chief operating officer Richard Goodmanson received compensation valued at more than $4.8 million last year, followed by retired chief financial officer Gary Pfeiffer with $4.6 million, including a $2 million retention bonus. Pfeiffer retired as CFO effective last June but agreed to stay on through December 'to ensure a smooth transition.'

Pfeiffer's successor, Jeffrey Keefer, received compensation valued at almost $3.9 million, while chief innovation officer Thomas Connelly Jr. received more than $3.6 million.

DuPont spokesman Anthony Farina declined to comment on the proxy statement, which includes a management proposal for a new equity and incentive plan consolidating several existing compensation plans 'to attract, motivate, and retain key talent and encourage stock ownership, thereby aligning the long-term interests of plan participants with those of our stockholders.'

At last year's annual meeting, a shareholder proposal requiring DuPont to tie executive compensation to the company's financial performance was defeated, although it received the support of almost 40 percent of shareholders.

DuPont said in its proxy that board approval of Holliday's compensation, including a 3 percent salary increase last year and 2 percent increase this year, put him near the median for DuPont's peer companies and recognized his 'strong leadership in strategically positioning the company for future growth and success.'

Over the past year, Holliday's strategic focus has included holding the line on fixed costs while pressing for research and development that will bring more new products to market faster. He has pushed hard to make DuPont a leader in alternative energy, particularly in developing biofuels such as cellulosic ethanol and biobutanol.

DuPont's earnings before significant items totaled $2.88 per share last year, up 23 percent from $2.34 in 2005. Net sales increased from $26.6 billion to $27.4 billion, and the company's share price climbed from the $43 range to almost $49.