Emerson Electric (NYSE: EMR) said the company felt the recession as its 2009 profit dropped from a year earlier, and the electrical products manufacturer's CEO's pay was flat, according to Associated Press.
Chairman and CEO David N. Farr earned almost $6.9 million for the fiscal year that ended in September, according to an Associated Press calculation of the pay figures disclosed in a company filing on Friday. That was $47,500 more than the previous year, an increase of less than 1 percent.
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Farr's base salary fell $31,250 from $1.2 million a year earlier, and his bonus was cut in half, to $1.5 million this year from $3 million a year earlier.
However, he received 100,000 shares of restricted stock valued at more than $3.7 million. The shares vest over 10 years. His 2008 grant was worth just less than $2.2 million.
Farr's compensation included $304,419 worth of personal use of the company jet, which the company requires him to use for security reasons. He received about $192,000 in other perquisites, life insurance premiums and contributions to a savings plan.
St. Louis-based Emerson saw its fiscal 2009 profit fall almost 29 percent to $1.72 billion. In November it predicted declining sales for the quarter that ends this month and for the fiscal year that will end in September 2010.
The Associated Press formula for calculating executive pay includes salary, bonus, perks, and the estimated value of stock options and awards granted during the year. It also includes performance-related bonuses and above-market returns on deferred compensation, although Farr didn't have those.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive compensation in the previous fiscal year.
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