Dow Chemical Co.'s top executive received a 13 percent increase in compensation last year with a pay package valued at $17.7 million, according to calculations based on a filing the company made Friday with the Securities and Exchange Commission.
The chemical and manufacturing company's CEO and Chairman, Andrew Liveris, received stock options in 2010 that were worth $5.06 million, more than double what he got in 2009. And he got a performance-based bonus of $5 million, compared with none in 2009.
But his salary just inched up to $1.69 million from $1.65 million. He received stock worth $5.68 million, slightly less than in 2009. And none of the company's top five executives received annual bonuses in 2010.
Dow paid Liveris other compensation worth $297,145. That included use of a company car and aircraft, contributions to company savings plans, home security and tax planning services.
Dow's net income rose nearly six-fold in 2010 to $1.97 billion, or $1.72 per share. Its revenue was $53.67 billion, up 19.5 percent from 2009.
The company benefited from an expanded portfolio of products and the stronger global economy, and it said in February when it reported on its 2010 performance that it expects the global economy keep strengthening. But Liveris said he remained leery of inflation in emerging markets, of the U.S. unemployment rate and of Europe's financial problems.
Dow Chemical is based in Midland, Mich.
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 AP's calculations don't include changes in the present value of pension benefits, making the AP total different in many cases from the totals companies report to the Securities and Exchange Commission.
Dow's shares added 39 cents to close Friday at $37.15.