GRAND RAPIDS, Mich.—Whirlpool Corp. Chief Executive Jeff Fettig received compensation the company valued at $12.94 million for 2007, when he led the appliance maker to a 48 percent profit increase despite higher energy and materials costs.
The compensation figure reflects a 36 percent increase over 2006, when he received $9.54 million.
In 2007, Fettig earned a salary of $1.18 million, received a performance-based cash bonus of $6.96 million and took in $138,226 in other compensation, including $95,429 in personal use of the company's private aircraft, according to Whirlpool's proxy statement filed Monday with the Securities and Exchange Commission.
In addition, Fettig's restricted stock awards and options had an estimated value of $4.66 million when issued in February 2007.
Most of the year-over-year increase in compensation reflected a 203 percent rise in his annual cash bonus, up from $2.3 million, based on accomplishment of individual and company objectives, Whirlpool said. His restricted stock awards and options dipped 23 percent, down from $6.03 million.
Fettig, 51, is also chairman of Whirlpool and has led the company since July 2004. He has served on its board of directors since June 1999.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, 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 SEC.
The proxy also said Whirlpool's annual meeting of shareholders will take place April 15 in Chicago. Shareholders will elect four directors, vote on a proposal to elect each director annually instead of to three-year terms. They will also vote on a proposed change in shareholder voting rules.
Whirlpool, based in Benton Harbor, Michigan, is the world's largest maker of major home appliances. It earned $640 million on $19.4 billion in sales during 2007, up from $433 million on $18.1 billion in sales a year earlier.
Its brands include Whirlpool, Maytag, Amana, KitchenAid and Jenn-Air.
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