The chairman and chief executive at MeadWestvaco received $6.7 million in compensation last year, including $68,000 for home security and several thousand for the charity of his choice, according to regulatory filings.
Not a bad chunk of change, but it’s 25 percent less than the $8.88 million he took home in 2007. Of his total compensation, John Luke, the 60-year-old chairman, earned a salary of $1.06 million. The rest was in stock and other compensation.
Publicly-traded companies must disclose how much their executives are paid in filings with the SEC. Two weeks ago, Richmond BizSense looked at the statements for Media General to learn that the chief executive of that company, Marshall Morton, earned about $2.8 million in 2008. You can read more about that here.
Like their leadership brethren at Media General, executives at MeadWestvaco did not receive performance-based incentives, according to the filing. MeadWestvaco produces packaging and paper products, and it suffered like the rest of the economy. It has recently announced that is closing or reducing the size of a handful of plants.
E. Mark Rajkowski, chief financial officer, brought in $1.87 million, of which $577,840 was salary pay. His overall compensation was a million more last year.
James A. Buzzard, the president, earned $690,510 in salary with a total compensation of $3.2 million.
Wendell Willkie earned a salary of $479,120 for a total of $1.57 million, down slightly from last year.
Mark S. Cross earned a salary of $513,750 and had a total take of $1.2 million.
Some other neat details: Each executive was reimbursed somewhere between $1,425 and $11,678 for financial planning. MeadWestvaco also chipped in up to $5,000 to a charity of the executive’s choice. And the company budgeted $3,000 for an executive health screening for all the executives listed.
It also pays to be on the board at MeadWestvaco: Board members received about $145,000 for meeting six times.
For their accounting efforts, PricewaterhouseCoopers charged $7.2 million.