Caterpillar CEO got $12.6M in 2006

Caterpillar CEO got $12.6M in 2006

	Published : Tue, 17 Apr 2007 23:35 By : Agencies Print this Story

CHICAGO (AP) - Caterpillar Inc. Chief Executive Jim Owens received compensation the company valued at $12.6 million in 2006 for a year in which the heavy equipment maker posted double-digit percentage gains in profits and revenue.

Owens was paid a salary of $1.35 million and a $300,000 bonus, according to a proxy statement filed Tuesday by the Peoria-based company. The bulk of his compensation package came from stock options valued at more than $7 million at the time they were awarded in February 2006.

The 61-year-old chairman and CEO also got $3.7 million for performance targets met by the company last year under short-term incentive programs.

Caterpillar listed perks for Owens totaling $243,077, including $154,076 in contributions to 401(k) and other employee plans, $30,011 for life insurance premium and fees, $25,491 for home security and $14,000 for financial counseling.

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.

Caterpillar has registered three straight years of record earnings and sales since Owens, a long-time executive with the company, took over in 2004.

Last year, profits totaled $3.5 billion and were up 25 percent from 2005. Revenues climbed 14 percent to $41.5 billion.

The board cited the company's double-digit profit growth and record sales as well an increased presence in China in recommending a $300,000 lump-sum bonus for Owens, based on his 'strong performance,' and a 10.7 percent salary increase for the CEO in 2007.

Two shareholder proposals are on the agenda for Caterpillar's June 13 annual meeting in St. Charles -- one that recommends separating the roles of chairman and CEO when possible, the other providing for a majority vote for director elections. The company said it opposes both.

Caterpillar shares rose 76 cents to $67.66 on the New York Stock Exchange. They are up 10 percent in 2007 after increasing 6 percent last year.