2010 was a good year to be a CEO in Richmond.
Of the 14 highest-paid CEOs of publicly traded companies headquartered in Richmond, only three saw their total compensation decrease last year compared with 2009. That mirrors the national trend. The WSJ reports that CEO pay nationwide rose 11%.
BizSense looked at the total pay packages given to the heads of local public companies and at each company’s net income for the same years. Only CEOs who made more than $1 million in 2010 are listed.
Total compensation for these CEOs includes base salary, bonuses, stock awards, options awards, non-equity incentives and perks as listed in each company’s most recent proxy statement.
Not surprisingly, the two most profitable local public companies, Altria and Dominion Resources, were home to Richmond’s highest paid CEOs.
In most cases, raises in total compensation for local CEOs correlated with a more profitable year for their companies.
Altria CEO Michael Szymanczyk’s total pay package was valued at $24.04 million, almost double the $12.44 million he was paid in 2009. Altria brought home a profit of $3.9 billion in 2010, up from $3.2 billion in 2009.
Dominion’s Thomas Farrell received $16.92 million in total compensation in 2010, up from $11.97 million in the previous year. Dominion’s total profit for 2010 was $2.8 billion, up from $1.28 billion.
But there were a couple of exceptions.
The CEOs of Media General and Star Scientific saw their total pay packages rise while their respective companies recorded hefty losses.
Media General’s Marshall Morton’s total pay increased more than $600,000 to $1.98 million in 2010, a year in which his company lost more than $22 million. That loss was an improvement from the $35 million lost in 2009.
Star Scientific CEO Jonnie Williams received a total of $1.85 million in 2010, up more than $700,000. His company lost $28.28 million on top of a 2009 loss of $22 million.
The most noticeable decline in total pay was seen at Massey Energy, the embattled coal company whose bottom line was decimated by an accident in April 2010 that killed 29 West Virginian miners.
The company lost $166.6 million in 2010, and Don Blankenship, Massey’s CEO until October, saw his total pay decline by more than $7 million to $10.42 million. The company is in the process of being folded into competitor Alpha Natural Resources. Nevertheless, Blankenship was still the fourth highest paid local CEO.
Two local CEOs saw their total pay fall even though their companies’ profits rose.
Owens & Minor CEO Craig Smith’s total pay dropped slightly from $4.04 million to $3.95 million. That was despite his company’s $110.57 million profit, a $6 million increase from 2009.
Genworth Financial CEO Michael Fraizer brought his company back to the black with a $142 million profit after a huge loss in 2009, but his total pay was down about $300,000 to $6.93 million.
The heads of MeadWestvaco and Brink’s received raises in total pay despite declines in profits at their respective companies.
MeadWestvaco CEO John Luke received $14.98 million in total compensation in 2010, more than double the $6.1 million he received in 2009. But MeadWestvaco’s net income for 2010 was $106 million, down from $225 million in profit it recorded the previous year.
Brink’s CEO Michael Dan received a $1 million increase in total pay in 2010 despite a $143 million decline in profits for the company.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
2010 was a good year to be a CEO in Richmond.
Of the 14 highest-paid CEOs of publicly traded companies headquartered in Richmond, only three saw their total compensation decrease last year compared with 2009. That mirrors the national trend. The WSJ reports that CEO pay nationwide rose 11%.
BizSense looked at the total pay packages given to the heads of local public companies and at each company’s net income for the same years. Only CEOs who made more than $1 million in 2010 are listed.
Total compensation for these CEOs includes base salary, bonuses, stock awards, options awards, non-equity incentives and perks as listed in each company’s most recent proxy statement.
Not surprisingly, the two most profitable local public companies, Altria and Dominion Resources, were home to Richmond’s highest paid CEOs.
In most cases, raises in total compensation for local CEOs correlated with a more profitable year for their companies.
Altria CEO Michael Szymanczyk’s total pay package was valued at $24.04 million, almost double the $12.44 million he was paid in 2009. Altria brought home a profit of $3.9 billion in 2010, up from $3.2 billion in 2009.
Dominion’s Thomas Farrell received $16.92 million in total compensation in 2010, up from $11.97 million in the previous year. Dominion’s total profit for 2010 was $2.8 billion, up from $1.28 billion.
But there were a couple of exceptions.
The CEOs of Media General and Star Scientific saw their total pay packages rise while their respective companies recorded hefty losses.
Media General’s Marshall Morton’s total pay increased more than $600,000 to $1.98 million in 2010, a year in which his company lost more than $22 million. That loss was an improvement from the $35 million lost in 2009.
Star Scientific CEO Jonnie Williams received a total of $1.85 million in 2010, up more than $700,000. His company lost $28.28 million on top of a 2009 loss of $22 million.
The most noticeable decline in total pay was seen at Massey Energy, the embattled coal company whose bottom line was decimated by an accident in April 2010 that killed 29 West Virginian miners.
The company lost $166.6 million in 2010, and Don Blankenship, Massey’s CEO until October, saw his total pay decline by more than $7 million to $10.42 million. The company is in the process of being folded into competitor Alpha Natural Resources. Nevertheless, Blankenship was still the fourth highest paid local CEO.
Two local CEOs saw their total pay fall even though their companies’ profits rose.
Owens & Minor CEO Craig Smith’s total pay dropped slightly from $4.04 million to $3.95 million. That was despite his company’s $110.57 million profit, a $6 million increase from 2009.
Genworth Financial CEO Michael Fraizer brought his company back to the black with a $142 million profit after a huge loss in 2009, but his total pay was down about $300,000 to $6.93 million.
The heads of MeadWestvaco and Brink’s received raises in total pay despite declines in profits at their respective companies.
MeadWestvaco CEO John Luke received $14.98 million in total compensation in 2010, more than double the $6.1 million he received in 2009. But MeadWestvaco’s net income for 2010 was $106 million, down from $225 million in profit it recorded the previous year.
Brink’s CEO Michael Dan received a $1 million increase in total pay in 2010 despite a $143 million decline in profits for the company.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].