Mattel CEO 2011 compensation even with 2010
Thursday, March 29, 2012
NEW YORK (AP) — The former CEO of Mattel Inc., the largest U.S. toy maker, received compensation valued at $10.8 million in 2011, the same as he received in 2010, according to an Associated Press analysis of a company regulatory filing.
Robert A. Eckert, 57, chairman and chief executive of Mattel Inc. from 2000 through December, received a base salary of $1.25 million in both 2010 and 2011. He declined increases to his base salary the whole time he was CEO.
The bulk of his pay in 2011 came in stock and option awards valued at nearly $7.4 million on the dates they were granted, according to a document the company filed on Wednesday with the Securities and Exchange Commission.
His performance-based bonus fell 42 percent to $1.9 million from $3.25 million in 2010. And his perks, $283,172 in all, included $51,707 for personal use of company aircraft, $30,000 for a company care and $124,038 in retirement contributions.
Mattel’s board of directors took into account the company’s financial performance for the year in determining compensation for Eckert and other executives. Mattel’s net income rose 12 percent while its revenue rose 7 percent to $6.27 billion.
Bryan Stockton, who took the reins as CEO on Jan. 1, said he was pleased with the company’s performance, “given the soft global economic backdrop and the highly promotional environment, particularly in the U.S.”
Mattel’s revenue from classic brands such as Barbie and Hot Wheels was strong, as was revenue from properties like its “Monster High” dolls and accessories.
The AP’s formula for calculating executive compensation 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, making the AP total different in many cases from the totals companies report to the Securities and Exchange Commission.