Whirlpool CEO's 2010 compensation rises 2 percent

AP News
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Posted: Mar 01, 2011 1:06 PM
Whirlpool CEO's 2010 compensation rises 2 percent

Whirlpool Corp. CEO Jeff. M. Fettig received approximately $11 million in total compensation in 2010, up 2 percent from the prior year, according to a regulatory filing.

The appliance maker paid Fettig a base salary of approximately $1.3 million, up 4 percent from a year ago.

Fettig, who also serves as Whirlpool's chairman, received non-equity incentive plan compensation totaling about $1.8 million. In 2009 his non-equity incentive plan compensation was $3.5 million.

Fettig, 54, received stock and options valued at about $7.7 million on the date granted, according to the Securities and Exchange Commission filing. A year earlier he received stock and options valued at $5.9 million.

Fettig also received compensation of $212,536, which included $88,306 for personal use of the company's plane, $84,250 for defined plan contributions and $39,980 for other perquisites, or "perks," that may have included home security, financial planning and tax services and other benefits.

The Associated Press executive compensation formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, 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, making the AP total different in most cases from the total reported by companies to the Securities and Exchange Commission.

Fettig has been CEO of the world's largest home appliance maker, which is based in Benton Harbor, Mich., since 2004. Besides its namesake appliances, the company's other brands include Maytag and KitchenAid.

Whirlpool reported 2010 earnings of $619 million, or $7.97 per share, in 2010, up from $328 million, or $4.34 per share, in 2009. Revenue rose to $18.37 billion from $17.1 billion.

Excluding one-time items, the company earned $9.65 per share in 2010, compared with $5.01 per share in 2009.

The appliance maker also indicated in February that it is raising prices to help deal with higher raw material costs. Many companies recently announced that they are boosting prices or plan to do so because of rising costs.

Whirlpool will hold its annual shareholders meeting on April 19 in Chicago.