Whirlpool Corp. has given Chairman and Chief Executive Jeff Fettig a pay package worth $15.9 million last year, up from $12.3 million in 2011.
The Benton Harbor-based appliance giant's annual proxy statement filed this week with regulators found a large portion of the 29 percent increase came from a performance bonus. His nonequity incentive pay rose from $513,000 in 2011 to $3.1 million last year.
The company says incentive-based payouts were higher because overall performance exceeded objectives.
Fettig's base salary increased from $1.36 million to $1.37 million during the same period. His stock shares and options rose from $7.5 million to $8.2 million.
The 56-year-old executive has been chairman and CEO since 2004.
Whirlpool's net income rose 2.8 percent to $401 million last year on revenue of $18.14 billion.