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PerkinElmer CEO gets 30% raise in total pay

Associated Press / March 21, 2009
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NEW YORK - PerkinElmer Inc. president and chief executive Robert F. Friel received a 30 percent boost in compensation in 2008, his first year in the latter position, mainly on stock options that had their value cut as the health and industrial sciences company's stock plunged.

Friel's overall pay was valued at just over $6.6 million, up from $5.1 million in 2007, according to a regulatory filing yesterday. He became chief executive 2008 and had been president since July 2007 while serving as chief operating officer.

In 2008, his salary rose 35 percent to $852,115 while his performance-based cash bonus increased 10 percent to just under $2.8 million. Other compensation, which includes financial planning and car allowances, rose 36 percent to $103,310.

The bulk of his compensation as CEO, though, came from stock and option awards, which were valued at $2.9 million on Jan. 29, 2008, when they were granted. That's a 54 percent boost from the year prior. But, those options are now worth substantially less than their $24.86 price when they were granted.

Shares of the Waltham, Mass.-based company fell 22 cents to close at $11.78.

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