EBay CEO Whitman received $10 million pay package in 2007
SAN JOSE, Calif.—Retired eBay Chief Executive Meg Whitman received compensation valued at $10 million in 2007, a pay package that included $787,936 for personal air travel, according to a securities filing by the company on Monday.
Whitman, a billionaire who owns a 2 percent stake in online auctioneer eBay, the second largest holding, retired in March after 10 years at the helm. Considered one of Silicon Valley's most powerful women, she remains on eBay's board and serves as a special adviser to incoming CEO John Donahoe.
Her 2007 pay package included a salary of $995,016, a bonus of $243,013, and $1.4 million in non-equity incentive pay, according to the company's proxy statement. She received stock and option awards valued at $6.6 million when they were granted and other compensation equal to $792,436, including the travel expenses.
Whitman made slightly more in 2006 with a pay package of $11.1 million that included $773,466 for personal use of the company jet.
The Harvard Business School graduate transformed eBay from a folksy U.S.-based online auction site into a worldwide marketplace where $60 billion worth of merchandise traded hands last year.
In 2007, the company reported its first quarterly loss since 1999 after acknowledging that its $2.6 billion 2005 acquisition of online phone service Skype was overvalued, a move that resulted in a 69 percent drop in its yearly profit.
EBay earned $348 million, or 25 cents per share, on revenue of $7.67 billion in 2007. That included a $1.4 billion write-down for Skype in October. In 2006, eBay earned $1.13 billion, or 79 cents per share, on revenue of $5.97 billion.
The proxy statement filed with the Securities and Exchange Commission was required ahead of eBay's annual meeting of shareholders on June 19.
The Associated Press calculation of total pay includes salary, bonus, incentives, perks, above-market returns on deferred compensation -- which Whitman did not receive -- and the estimated value of stock options and awards granted during the year.
The total excludes changes in the present value of pension benefits and can differ from the total companies list in the summary compensation table of proxy statements they file with the Securities and Exchange Commission.
