CSC ex-CEO's annual comp worth $21.6M |
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Fri, 29 Jun 2007 21:13
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NEW YORK (AP) - The former chief executive officer of El Segundo, Calif.-based Computer Sciences Corp., who retired in May, received a compensation package valued at roughly $21.6 million, according to the information technology services provider's proxy statement filed on Friday.The Associated Press calculations of total pay include executives' salary, 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 may differ from totals detailed by companies.For the year, Van Honeycutt received a base salary of $1.4 million; and performance-based cash payments worth roughly $2.9 million. He also received $148,636 for above-market returns on deferred compensation, and $83,575 worth of an assortment of perks, including use of the company aircraft and payment of financial planning fees and club membership fees.Honeycutt also received stock options and awards valued by the company at around $14.7 million.It was a tumultuous year for CSC, which delayed filing its fourth-quarter results in May, while it reviewed its taxes related to certain transactions in prior periods. During the review, CSC found significant errors in its accounting for tax liabilities in fiscal years 2000 through 2006, as well as a correction in accounting for software license sales.Earlier this month, the company reported full-year profit dropped 26 percent to $388.8 million, or $2.16 per share, from $528.1 million, or $2.81 per share. Earnings slipped on sagging sales, which rose 2 percent to $14.86 billion.Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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