Intel CEO Paul Otellini received a seven per cent pay bump last year, as Intel more than doubled its profits and for the first time topped $40 billion in revenue. His total compensation climbed to $15.7 million in 2010 from $14.6 million in 2009, according to documents filed yesterday with the U.S. Securities and Exchange Commission.
Otellini's pay package included his $1 million salary, which is unchanged from the salary he received in 2009, and a $30,400 cash bonus. The bonus, which Intel says is equivalent to three days of compensation, "was a special bonus paid to all eligible employees, including the listed officers, for their contribution in achieving an Intel milestone: Intel's first year when revenue exceeded $40 billion," the company explained in its proxy statement.
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The biggest boost to Otellini's pay came in the form of a performance-based bonus worth $6.8 million -- which is up 29 per cent from the $5.3 million bonus he received in 2009.
The combined value of Otellini's equity awards declined compared to a year ago. He received stock awards valued at $6.2 million at the time they were granted (down seven per cent from $6.7 million in 2009) and option awards valued at $1.1 million (down eight per cent from $1.2 million in 2009).
The value of Otellini's other compensation and perquisites increased 32 per cent to $382,100 which includes: $14,700 for retirement plan contributions, $364,900 for deferred compensation plan contributions, and $2,500 for matching charitable contributions. (See also: Perks shrink, but tech CEOs aren't ready to fly coach)
Otellini also received $131,000 attributed to changes in the value of his pension plan.
The company, meanwhile, logged a record year, growing revenue and profits by 24 per cent and 167 per cent, respectively, in the fiscal year ended Dec. 25. Intel's revenue came in at $43.6 billion, up from $35.1 billion in 2009. Net income hit $11.7 billion, up from $4.4 billion in the prior year.
Otellini's total pay is calculated using data supplied in a proxy statement filed with the SEC on April 4. The following figures are taken from the summary compensation table: salary, bonus, stock awards, option awards, non-equity incentive place compensation (performance-based cash bonus), changes in pension value and non-qualified deferred compensation earnings, and all other compensation. The estimated value of equity awards represents the grant date fair value for stock awards and stock options granted during the fiscal year.
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