FDX CEO Compensation slips 4% in 2010
08-18-2010, 07:46 AM
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FDX CEO Compensation slips 4% in 2010
Thought this one was interesting....discuss:
The Associated Press: FedEx CEO's compensation slips 4 pct in 2010
FedEx CEO's compensation slips 4 pct in 2010
By SAMANTHA BOMKAMP (AP)
NEW YORK — The top executive at FedEx Corp. saw his total compensation package drop by about 4 percent in the latest fiscal year, an Associated Press analysis shows.
President and CEO Fred Smith took home a salary of about $1.19 million for the fiscal year ending in May, according to a filing late Monday with the Securities and Exchange Commission.
That's about 12 percent lower than his 2009 salary of nearly $1.36 million — the result of FedEx's companywide pay cuts it made when the recession was at its worst point.
FedEx announced broad-based cost cuts about halfway through its 2009 fiscal year, which included a 20 percent pay cut for Smith, a 7.5 to 10 percent cut for other executives and a 5 percent cut for thousands of others.
The pay cuts were permanent; other benefits including retirement plan contributions and bonuses have been reinstated.
Smith also received a performance-based cash bonus of $400,000 last year.
Bonuses were frozen in fiscal 2009.
The value of his perks tumbled 48 percent to $684,643.
The value of certain of Smith's personal benefits, including use of corporate aircraft, fell 6 percent.
The value of security services from FedEx employees for Smith was 25 percent lower in fiscal 2010.
The company stopped offering certain extras at the end of fiscal 2010, including tax reimbursement payments for tax return preparation and some other benefits related to financial planning and insurance.
FedEx also nixed its corporate vehicle allowance for executives. Before May 1, Smith had personal use of an SUV through an arrangement with an unnamed vehicle manufacturer.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year.
It includes salary, bonus, performance related bonuses, 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, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.
For the full fiscal year that ended in May, FedEx, which is based in Memphis, Tenn., posted net income of $1.18 billion, or $3.76 per share, compared with $98 million, or 31 cents per share, in the previous fiscal year.
Revenue fell 2 percent to $34.73 billion.
The company's shares, however, surged over the course of the year, rising 50 percent to finish May at $83.49.
The Associated Press: FedEx CEO's compensation slips 4 pct in 2010
FedEx CEO's compensation slips 4 pct in 2010
By SAMANTHA BOMKAMP (AP)
NEW YORK — The top executive at FedEx Corp. saw his total compensation package drop by about 4 percent in the latest fiscal year, an Associated Press analysis shows.
President and CEO Fred Smith took home a salary of about $1.19 million for the fiscal year ending in May, according to a filing late Monday with the Securities and Exchange Commission.
That's about 12 percent lower than his 2009 salary of nearly $1.36 million — the result of FedEx's companywide pay cuts it made when the recession was at its worst point.
FedEx announced broad-based cost cuts about halfway through its 2009 fiscal year, which included a 20 percent pay cut for Smith, a 7.5 to 10 percent cut for other executives and a 5 percent cut for thousands of others.
The pay cuts were permanent; other benefits including retirement plan contributions and bonuses have been reinstated.
Smith also received a performance-based cash bonus of $400,000 last year.
Bonuses were frozen in fiscal 2009.
The value of his perks tumbled 48 percent to $684,643.
The value of certain of Smith's personal benefits, including use of corporate aircraft, fell 6 percent.
The value of security services from FedEx employees for Smith was 25 percent lower in fiscal 2010.
The company stopped offering certain extras at the end of fiscal 2010, including tax reimbursement payments for tax return preparation and some other benefits related to financial planning and insurance.
FedEx also nixed its corporate vehicle allowance for executives. Before May 1, Smith had personal use of an SUV through an arrangement with an unnamed vehicle manufacturer.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year.
It includes salary, bonus, performance related bonuses, 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, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.
For the full fiscal year that ended in May, FedEx, which is based in Memphis, Tenn., posted net income of $1.18 billion, or $3.76 per share, compared with $98 million, or 31 cents per share, in the previous fiscal year.
Revenue fell 2 percent to $34.73 billion.
The company's shares, however, surged over the course of the year, rising 50 percent to finish May at $83.49.
08-18-2010, 08:14 AM
#2
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Posts: 397
That article is a little mis leading His salary fell 12% but overall compensation fell 4%.
FedEx CEO's compensation slips 4 pct in 2010
By SAMANTHA BOMKAMP (AP) – 21 hours ago
NEW YORK — The Associated Press has found that FedEx CEO's compensation in fiscal 2010 fell 4 percent from the year before.
Chairman and CEO Fred Smith received compensation valued at $7.4 million in the year that ended May 31, compared with $7.7 million in the prior fiscal year. Smith's salary fell 12 percent — the result of FedEx's companywide pay cuts it made when the recession was at its worst point. The value of his perks tumbled 48 percent.
The AP's executive pay calculation, based on a regulatory filing, aims to isolate the value the company's board placed on the CEO's total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.
FedEx is based in Memphis, Tenn.
I hear it coming
Remember that FDX FY ended May 31st. UPS FY 2010 won't end until Dec 31. Thats when we can compare apples to apples. It will be interesting.
UPS Executives don't have company cars like stated above with FDX. The don't get money for their taxes, as stated like FDX does. No corporate jets. Remember that UPS' stock options and MIP might account for the compensation.
UPS CEO's total pay down slightly in 2009 | Reuters
UPS CEO's total pay down slightly in 2009
* CEO's total compensation $6.2 million in 2009
NEW YORK March 2 (Reuters) - United Parcel Service (UPS.N) on Tuesday said that Chief Executive Scott Davis' total compensation was roughly flat in 2009 at $6.2 million.
His salary of $1 million was also flat after the company, the world's largest package delivery service, froze all base salaries for its 36,000 managers in 2009. It expects to resume annual raises to base salaries for management in 2010.
Davis also earned $130,523 in bonus pay under the company's management incentive program. Davis received 60 percent of the targeted amount because the company did not meet its goals including volume and revenue growth.
Shares of UPS are up 55.7 percent at $59.16 off their year low of $37.99, set in March 2009.
They were up 0.5 percent at $59.17 during mid-day trading on the New York Stock Exchange.
FedEx CEO's compensation slips 4 pct in 2010
By SAMANTHA BOMKAMP (AP) – 21 hours ago
NEW YORK — The Associated Press has found that FedEx CEO's compensation in fiscal 2010 fell 4 percent from the year before.
Chairman and CEO Fred Smith received compensation valued at $7.4 million in the year that ended May 31, compared with $7.7 million in the prior fiscal year. Smith's salary fell 12 percent — the result of FedEx's companywide pay cuts it made when the recession was at its worst point. The value of his perks tumbled 48 percent.
The AP's executive pay calculation, based on a regulatory filing, aims to isolate the value the company's board placed on the CEO's total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.
FedEx is based in Memphis, Tenn.
I hear it coming
Remember that FDX FY ended May 31st. UPS FY 2010 won't end until Dec 31. Thats when we can compare apples to apples. It will be interesting.
UPS Executives don't have company cars like stated above with FDX. The don't get money for their taxes, as stated like FDX does. No corporate jets. Remember that UPS' stock options and MIP might account for the compensation.
UPS CEO's total pay down slightly in 2009 | Reuters
UPS CEO's total pay down slightly in 2009
* CEO's total compensation $6.2 million in 2009
NEW YORK March 2 (Reuters) - United Parcel Service (UPS.N) on Tuesday said that Chief Executive Scott Davis' total compensation was roughly flat in 2009 at $6.2 million.
His salary of $1 million was also flat after the company, the world's largest package delivery service, froze all base salaries for its 36,000 managers in 2009. It expects to resume annual raises to base salaries for management in 2010.
Davis also earned $130,523 in bonus pay under the company's management incentive program. Davis received 60 percent of the targeted amount because the company did not meet its goals including volume and revenue growth.
Shares of UPS are up 55.7 percent at $59.16 off their year low of $37.99, set in March 2009.
They were up 0.5 percent at $59.17 during mid-day trading on the New York Stock Exchange.
08-18-2010, 08:42 AM
#4
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SYT,
Well, at least you knew it was coming
UPS chief’s total compensation rises 6.2 percent to $5.5M in 2009, compared to 2008
Well, at least you knew it was coming
UPS chief’s total compensation rises 6.2 percent to $5.5M in 2009, compared to 2008
08-18-2010, 09:05 AM
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Posts: 397
Originally Posted by FliFast
SYT,
Well, at least you knew it was coming
UPS chief’s total compensation rises 6.2 percent to $5.5M in 2009, compared to 2008
Well, at least you knew it was coming
UPS chief’s total compensation rises 6.2 percent to $5.5M in 2009, compared to 2008
I know now what Christopher Columbus felt like during the earth was flat and the earth was round thing was going on
08-18-2010, 10:05 AM
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Don't forget that Davis is not only ups ceo he is also board of director at HP and head of board of managment of casey foundation and he has a pay raise of 650% over next 3 yrs and you still want me to keep going??. Having all those position and more millions rolling in who needs company jet or a brown rolls royce. Plus i think Fred is worth every penny he gets since he started fdx and it's his baby but Davis has done ZERO contribution to ups but plenty to his employees, don't forget that since he's been ceo there have over 30000 layoffs which is historical at ups.
08-18-2010, 10:39 AM
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Posts: 397
Originally Posted by brownie
Don't forget that Davis is not only ups ceo he is also board of director at HP and head of board of managment of casey foundation and he has a pay raise of 650% over next 3 yrs and you still want me to keep going??. Having all those position and more millions rolling in who needs company jet or a brown rolls royce. Plus i think Fred is worth every penny he gets since he started fdx and it's his baby but Davis has done ZERO contribution to ups but plenty to his employees, don't forget that since he's been ceo there have over 30000 layoffs which is historical at ups.
Welcome to Overseas Partners Ltd. - Homepage
Davis was the CEO there. I got my OPL stock at 25 cents a share way back when (83-84). The final distribution was about 54 cents a share in 2007. I should have sold it at it's high around $6.00 a share. He took it over then it became liquidated not long after.
I agree the guy should not be CEO of UPS but it is what it is. The guy has never been in package operations with UPS. He is a finance guy that came to UPS from IIMorrow. He never slung a package in his life.
08-18-2010, 09:18 PM
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Don't Forget Arthur Anderson Accounting. Fortunately Anderson Consulting divorced the accounting side and formed Accenture. Their celebrity poster-boy:Tiger Woods-Be a Tiger !!!
From a RILA article:
A native of Oregon, Davis earned a bachelor's degree in finance from Portland State University. After completing college, he spent several years with Arthur Andersen. Davis also completed an Advanced Management Program at the Wharton School of Business.
"Accountants don't have that sensitivity. They don't have the sense that numbers hurt," said one former corporate accountant who asked not to be identified. "Early on in their career they learn to shave the truth."
From CNN Money:
"I think for all the relevant periods, the chief accounting officers at Waste Management came from Arthur Andersen," said one SEC regulator. "The relationship is too cozy."
Statistics appear to support the idea that companies are increasingly trying to get away with cooking the books.
Andersen, which admitted late Thursday to destroying Enron-related documents.
How bout' them corn fritters.
From a RILA article:
A native of Oregon, Davis earned a bachelor's degree in finance from Portland State University. After completing college, he spent several years with Arthur Andersen. Davis also completed an Advanced Management Program at the Wharton School of Business.
"Accountants don't have that sensitivity. They don't have the sense that numbers hurt," said one former corporate accountant who asked not to be identified. "Early on in their career they learn to shave the truth."
From CNN Money:
"I think for all the relevant periods, the chief accounting officers at Waste Management came from Arthur Andersen," said one SEC regulator. "The relationship is too cozy."
Statistics appear to support the idea that companies are increasingly trying to get away with cooking the books.
Andersen, which admitted late Thursday to destroying Enron-related documents.
How bout' them corn fritters.
08-18-2010, 09:41 PM
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Originally Posted by Soyathink
You forgot Overseas Partners.
Welcome to Overseas Partners Ltd. - Homepage
Davis was the CEO there. I got my OPL stock at 25 cents a share way back when (83-84). The final distribution was about 54 cents a share in 2007. I should have sold it at it's high around $6.00 a share. He took it over then it became liquidated not long after.
I agree the guy should not be CEO of UPS but it is what it is. The guy has never been in package operations with UPS. He is a finance guy that came to UPS from IIMorrow. He never slung a package in his life.
Welcome to Overseas Partners Ltd. - Homepage
Davis was the CEO there. I got my OPL stock at 25 cents a share way back when (83-84). The final distribution was about 54 cents a share in 2007. I should have sold it at it's high around $6.00 a share. He took it over then it became liquidated not long after.
I agree the guy should not be CEO of UPS but it is what it is. The guy has never been in package operations with UPS. He is a finance guy that came to UPS from IIMorrow. He never slung a package in his life.
08-19-2010, 03:17 AM
#10
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Posts: 397
Originally Posted by Busboy
I think I just saw a pig fly by my hotel window!!!
A Lot to me you don't know, hence SOYATHINK
I was thinking this morning that if Scott Davis can become CEO of UPS, that dreams do come true. He gives me hope that one day I too can run a multibillion dollar company.
Have a good day.
Last edited by Soyathink; 08-19-2010 at 03:30 AM.
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