The chairman and chief executive of United Parcel Service Inc. received total compensation last year valued at $9.5 million, a 73 percent jump from 2009, according to an analysis by The Associated Press.
Scott Davis, 58, received a base salary of $1 million in 2010, the same as the year before, according to a filing Monday with the Securities and Exchange Commission. The bulk of his compensation, though, was in the form of stock awards. Davis' stock was worth about $7.8 million at the end of last year, more than double the $3.9 million his shares were worth at the end of 2009.
He also received option awards valued at $437,514 last year, about the same as 2009. His performance-based cash bonus jumped 78 percent to $232,000 from $130,523 in 2009.
Davis' perks for things like life insurance, financial planning and healthcare benefits slipped slightly from 2009, down 4 percent to $30,097.
UPS said in a disclosure that "the increase in Davis' total compensation reflects a long-running and deliberate effort" to increase the compensation of its top three executives, if earnings performance measures are met.
There was a freeze on all management salary increases in 2009, but the board increased the "potential compensation" _ meaning stock awards and other parts of the package that fluctuate.
In 2010, the company met its earnings targets. UPS earned $3.49 billion or $3.48 per share, up 62 percent from $2.15 billion, or $2.15 per share in 2009.
Revenue rose 9 percent to $49.55 billion. The company's stock price rose from $57.37 to $72.58 during the year. It closed Monday at $74.09.
Davis, 58, has been in the top spot at the world's largest package delivery company since 2008.
UPS expects to earn between $4.12 and $4.35 in 2011, mostly above its adjusted profit in 2007, the year the recession began. It made $4.17 per share in 2007, excluding one-time items. The recession began in December of that year.