Agco CEO's 2009 Pay Fell 58% To $2.02 Million
22 Marzo 2010 - 6:07PM
Dow Jones News
Agco Corp. (AGCO) Chairman and Chief Executive Martin
Richenhagen's compensation fell 58% in 2009 on reduced stock awards
and the elimination of cash incentive pay, according to a
regulatory filing Monday.
Richenhagen's salary, executive perquisites and stock awards
totaled $2.02 million last year, compared with $4.84 million in
2008. He received $1.12 million in nonequity incentive pay in 2008
that was based on achieving certain performance standards set by
the company's board. Last year, Richenhagen received no
incentive-based cash compensation because Agco didn't reach the
earnings-per-share threshold needed to trigger the payouts,
according to the filing with the U.S. Securities and Exchange
Commission. Richenhagen, 57, hasn't received a bonus in recent
years. He has been chief executive of the Duluth, Ga., company
since 2004.
Agco is the world's third-largest manufacturer of farm equipment
by sales, behind Deere & Co. (DE) and CNH Global NV (CNH).
Agco's profit last year plunged 65% from 2008 to $135.7 million, on
a 21.2% drop in sales to $6.63 billion. The global economic
recession and a pullback in spending on capital equipment, like
tractors and combines, have hindered Agco's performance in recent
quarters.
Richenhagen's base salary in 2009 rose nearly 3% to $1.05
million. His awards of stock and options were significantly lower
last year, largely because he received a special retention-based
stock award in 2008 worth $2 million. That award was on top of the
$563,535 in options and stock awarded for his performance in
2008.
In 2009, Richenhagen received stock and options worth $863,940
on the day they were granted. He also received $102,386 for club
memberships, life-insurance costs, car leases and other perks,
23.6% less than in 2008.
The value of his pension and other types of deferred
compensation, which wasn't included in his total compensation
calculation, rose by $948,352 last year from 2008.
Agco stock was recently trading up 1.3% at $34.99 a share.
-By Bob Tita, Dow Jones Newswires; 312-750-4129;
robert.tita@dowjones.com
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