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Lexmark CEO gets 2009 pay of $2.2M, down 36 pct.

Tue, 03/09/2010 - 3:30am
MARLEY SEAMAN - AP Health Writer - Associated Press

The chairman and CEO of printer and copier maker Lexmark International Inc. received compensation worth $2.2 million in 2009, down 36 percent from the year before, according to an Associated Press calculation of figures filed with regulators.

Paul Curlander, 57, drew a salary of $1 million in 2009, roughly unchanged from 2008. However, last year Curlander did not receive any compensation in the form of stock and options. In 2008, Curlander received stock and options that were worth $2 million on the dates they were granted.

Curlander's performance-based cash bonus tripled to $1.1 million from $336,000. The value of his other compensation grew 21 percent to $92,000 from $76,000. It included $65,000 in matching contributions under Lexmark's deferred compensation plan.

In 2008, Curlander received a pay package worth about $3.4 million. Curlander has been chairman and CEO of Lexmark since April 1999.

In 2009, the Lexington, Ky., company posted a profit of $145.9 million, or $1.86 per share, on $3.88 billion in revenue. Its stock declined modestly during the year, opening at $26.90 and finishing at $25.98. Lexmark shares closed at $34.57 Monday.

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

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