TRW Automotive CEO earns $10.38M in 2006 |
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Sat, 31 Mar 2007 00:48
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DETROIT (AP) - TRW Automotive Holdings Corp. President and Chief Executive John Plant received compensation for 2006 that the auto parts supplier valued at nearly $10.38 million, according to a regulatory filing made Friday.Plant received more than $1.5 million in salary, $3.61 million in non-equity incentive plan compensation and nearly $309,000 in other compensation, including a $39,000 car allowance and $38,000 in financial planning benefits. The company also provided him with $150,000 in matching contributions under its benefits equalization plan, according to the filing with the Securities and Exchange Commission.The stock and option awards he was granted were valued at more than $4.9 million when issued in February 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. The calculations don't include changes in the present value of pension benefits and sometimes differ from the totals released by the companies.The proxy filing, which came in advance of the company's annual shareholder meeting May 14 in McAllen, Texas, also indicated that Plant in 2006 exercised stock options valued at nearly $6.5 million and became vested in 41,333 shares of company stock valued at $1.04 million.Livonia-based TRW, one of the world's largest auto suppliers, last month reported earning $33 million in the fourth quarter of 2006, a 44 percent drop from the $59 million reported in the same period of 2005.Full-year 2006 earnings dropped 13.7 percent to $176 million from $204 million in 2005. Revenue rose to $13.14 billion from $12.64 billion in 2005.--Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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