In a Dec. 11 story about Becton Dickinson & Co.'s executive compensation, The Associated Press erroneously reported that CEO Edward J. Ludwig's pay package in 2009 rose 19.2 percent to $9.1 million.
Instead, Ludwig's compensation fell 6.4 percent from year ago levels to $7.13 million, according to AP's recalculation of his pay.
The error was due to a change in how the medical products company reported the fair value estimate of performance-based stock grants it made during the year. In its 2008 proxy, Becton Dickinson based its estimate of the fair value of stock awards on the mid-range of potential payouts. In 2009, the amount was based on the maximum potential payout. The company has not yet disclosed what the comparable potential mid-range payout of this year's award would be.
The story also erroneously identified Ludwig as president of the company. He is CEO and chairman.