Marriott paid CEO $9.2 million last year
By Stephen Manning
Associated Press
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CHEVY CHASE, Md. — Hotel operator Marriott International Inc. gave its chairman and chief executive officer J.W. Marriott Jr. compensation it valued at $9.2 million in 2007, a 7 percent increase over the previous year, according to an analysis of the company's proxy statement released recently.
The increase came as the company's profit rose 14 percent for the year.
Marriott, 76, was paid a $1.18 million salary last year, but received most of his compensation in the form of incentive payments, stock and corporate perks. In 2006, Marriott took home $8.58 million in total compensation.
Along with his base pay, Marriott received $2.17 million in non-equity incentive pay and stock or options awards valued at $5.5 million when granted in 2007.
The chief executive also received roughly $365,000 in perks, which included $115,000 in company contributions to his deferred compensation plan, $105,000 in personal travel on the company's private jet, and nearly $75,000 in tax and financial services.
The Associated Press' calculations of total executive pay include 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 Securities and Exchange Commission.