FedEx CIO's pay package up 80% to $5.8 million
- 15 August, 2012 18:23
FedEx's top IT executive received a pay package worth $5.8 million in fiscal 2012, a spike of 80% compared to a year earlier. The biggest gains for Rob Carter, who is executive vice president of information services and CIO at FedEx, came from a performance-based cash bonus that surged to $2.4 million from $213,629 in fiscal 2011.
Most of Carter's 2012 pay package stayed consistent with his year-ago compensation, which totaled $3.2 million. Carter's salary climbed 3% to $760,810, up from $735,955 in 2011. He netted stock awards valued at $623,735, down slightly from $625,520, while his option awards increased 6% to $655,217, up from $617,338. Carter also received $877,959 attributed to a change in pension value, up from $568,557 a year earlier.
On the perks front, Carter received compensation extras worth $430,844 (down 4% from $450,194 in 2011). His 2012 perks included: $363,211 for tax reimbursements payments; $29,220 for personal use of company aircraft; $17,134 for security services and equipment; $8,750 for company-paid 401(k) contributions; $7,500 for financial counseling services; $2,844 for life insurance premiums; and $2,185 for umbrella insurance premiums.
Carter's $2.4 million performance-based cash bonus consisted of two payouts: $625,551 as part of FedEx's annual incentive compensation plan, plus a $1.8 million long-term incentive payout, which was contingent on the company meeting certain earnings-per-share goals during the preceding three-year period. Fiscal 2012 was the first time since 2008 that FedEx executives received long-term incentive (LTI) pay, according to documents filed this week with the U.S. Securities and Exchange Commission.
"LTI payouts are tied to meeting aggregate EPS goals over a three-fiscal-year period. Significant EPS growth over the past three years resulted in maximum payouts under the LTI program, marking the first LTI payout in four years," FedEx reported in its proxy statement.
Carter's total pay is calculated using data supplied in a proxy statement filed on Aug. 13. The following figures are taken from the summary compensation table: salary, stock awards, option awards, non-equity incentive place compensation (performance-based cash bonus), change in pension value and nonqualified deferred compensation earnings, and all other compensation. The estimated value of equity awards represents the grant date fair value for stock awards and stock options granted during the fiscal year.
Ann Bednarz covers IT careers, outsourcing and Internet culture for Network World. Follow Ann on Twitter at @annbednarz and check out her blog, Occupational Hazards. Her email address is firstname.lastname@example.org.
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