The compensation package for Rockwell Automation Inc.'s top executive fell more than 28 percent during the 2009 fiscal year after the industrial automation equipment company was battered by the deep recession, according to a company regulatory filing Friday.
President and CEO Keith Nosbusch received compensation valued at $4,338,096 for the fiscal year ending Sept. 30, according to an analysis of Rockwell's proxy filing by The Associated Press.
Nosbusch was paid a $941,977 salary and received no bonus or any pay under the company's non-equity incentive plan. Rockwell granted him stock options that had an estimated value of $3,332,949 on the days they were awarded. Nosbusch received other compensation worth $63,170, much of it from dividends and savings plans contributions.
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 they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
Rockwell's board of directors praised its management for taking steps to prepare for the recession that hobbled most industrial companies this year. The company freed up cash and steeled itself for lower demand through steps like limiting capital expenditures, suspending salaries and instituting employee furloughs.
But the company still saw sales decrease 24 percent and earnings per share fall 61 percent. Rockwell's board cited those factors in their decision not to award any incentive plan compensation to its top executive during the 2009 fiscal year.
Rockwell shares fell 23 cents to $45.48 in afternoon trading.