CEO of American Express gets huge pay boost
2008-02-26 16:25:09 (GMT) (Caymanmama.com - Business News)New York
It was reported that a huge compensation around $53.2 million was received in 2007 by the chairman and chief executive of American Express Co. which was nearly double the amount of his total salary, as per a regulatory filing on Monday. A bulky increase in the stock was the main driver behind 56 year old Chenault, who inward $42.8 million during stock awards for his performance in year 2007 along with a unique option of incentive stock grant. His credit card lender also lifted his basic salary by 13% that is from $1.10 million in 2006 to $1.24 million in 2007. he was also received bonus of $6.5 million same in the year 2006.
The other compensation received by Chenault in 2007 was $1.07 million approx. this also include the perk for home security system nearly $126,992, for personal use $323,844 for company plane, and for personal use of company cars, he got $102,601. In the meantime, the Chief Executive of the company pulled in $1.55 million on delayed compensation in above-market returns in 2007. The total package of Chenault’s was valued $27.3 million in 2006 as par the calculation done by The Associated Press.
The calculation of sum total pay of AP comprises executive’s salary, incentives, perks, bonuses, above-market returns on delayed recompense, awards granted and the overall estimated cost of stock options. The calculation of his total salary does not include alteration in the current value of pension remuneration, and they most of the time fluctuate from the sum total of companies list in the précis compensation table of proxy statements filed with the Securities and Exchange Commission. But the period during October to December, the quarterly profit of the company knocking down to 10 % as compare to the similar quarter in year 2006, as there is an improvement occurred in American Express to get prepare for further cardholder defaults.
CaymanMama.com - Press Release Distribution Service
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