The CEO of Starwood Hotels & Resorts Worldwide Inc. received a pay package worth $9.5 million in 2010, up 7 percent from 2009, according to a regulatory filing the company made Monday.
Frits van Paasschen's salary increased to approximately $1.2 million from $1 million, and his performance-based cash bonus reflecting the company's improvement in 2010 totaled $3 million, compared with the $1.7 million he received for 2009's performance.
But his combined stock and options fell slightly, from $5.3 million in 2009 to $5.2 million in 2010. And he did not receive an annual bonus, compared with a one-time $800,000 bonus he got in 2009.
Starwood, which owns the Sheraton, Westin and other brands and owns, franchises or operates hotels in 100 countries, reported 2010 net income of $477 million, or $2.51 per share, compared with $73 million, or 41 cents per share, in 2009. Starwood has 1,025 hotels and resorts around the world.
The company, based in White Plains, N.Y., had annual revenue of $5.07 billion in 2010, up from $4.7 billion in 2009.
Van Paasschen, 50, who also serves as president, received stock options worth $1.2 million when granted, according to a filing with the Securities and Exchange Commission. In 2009, he received options valued at approximately $5.2 million when they were granted. His stock award rose from about $150,000 in 2009 to nearly $4 million in 2010.
All his other compensation, including perks, was worth $171,626, most of it dividends on restricted stock. Van Paasschen had other compensation of $63,832 in 2009 but $522,538 in 2008, which included an allowance of up $500,000 he got when he became president and CEO in 2007 for use of the company's aircraft during his first year as CEO.
In calculating executive compensation, The Associated Press 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 figures don't include changes in the present value of pension benefits and may differ from sums that companies list in the summary compensation table of proxy statements filed with the SEC.
Starwood set its annual shareholders meeting May 5 in Atlanta.