DuPont boosts compensation for CEO Kullman in 2011

AP News
Posted: Mar 16, 2012 6:33 PM
DuPont boosts compensation for CEO Kullman in 2011

DuPont Co. chairwoman and CEO Ellen Kullman received compensation valued at almost $12.3 million last year, a 9 percent increase from the $11.3 million she received in 2010, according to an Associated Press review of a company filing with financial regulators.

The Wilmington, Del.-based chemical giant credited Kullman with strong leadership during the year, with sales rising 20 percent and a similar increase in earnings per share, excluding one-time items.

The company, known as E.I. du Pont de Nemours & Co., also completed its acquisition of Danish company Danisco's specialty food ingredients business and continued it productivity improvements.

DuPont's filing with the SEC on Friday showed that Kullman received a base salary of $1.3 million, up 3 percent from 2010.

She was not given a bonus but received stock awards valued at $5.5 million, a 17 percent increase from $4.7 million the previous year, and option awards valued at $2.5 million, an increase of 15 percent.

Kullman's performance-based cash compensation shrank by 12 percent to $2.5 million in 2011 after jumping by 90 percent in 2010.

The amount of her executive perks rose 51 percent last year to $464,181.They included contributions of $354,015 to a retirement savings restoration plan and $22,050 for a separate retirement plan; $72,151 for personal use of company aircraft; $8,825 for financial counseling, and, $7,140 for personal use of a company car.

The Associated Press executive compensation formula is designed to isolate the value that the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonuses, perks, above-market returns on deferred compensation and the estimated value of stock and stock options awarded during the year.

The calculations don't include changes in the present value of pension benefits, making the AP total different in most cases than the total reported by companies to the Securities and Exchange Commission.