Weyerhaeuser Chief Executive Officer Steven Rogel received compensation valued at $13.9 million in 2007, essentially unchanged from the...
Weyerhaeuser Chief Executive Officer Steven Rogel received compensation valued at $13.9 million in 2007, essentially unchanged from the previous year, as the U.S. housing market slump pushed the lumber and packaging producer to a loss in the fourth quarter.
Rogel, who is also the company’s president and chairman, drew a base salary of $1.3 million last year, 1 percent more than in 2006, according to a regulatory filing Tuesday.
Most of Rogel’s compensation came from stock and options granted to him during the year. Weyerhaeuser did not disclose the total amount, but an Associated Press calculation values the stock and option grants at $12.5 million on the date they were granted, an 11 percent increase from a year ago.
Rogel did not receive anything under the company’s cash incentive plan, which awards executives based on the company’s financial performance. In 2006, he received $1.3 million under that plan.
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Rogel also received $17,437 in above-market earnings on deferred compensation and $30,931 in other compensation, which included $18,862 for financial counseling and $11,025 in company contributions to his 401(k).
The crumbling housing market and sinking lumber prices hurt Weyerhaeuser’s homebuilder, timberlands and wood products businesses and dragged the company to a loss of $63 million in the fourth quarter. In February, the company said those businesses would continue to suffer until the market recovers.
However, Weyerhaeuser’s full-year profit jumped 74 percent even as revenue skidded 13 percent, due in part to a decision to combine its fine paper business with Montreal-based Domtar Inc.
The Associated Press calculations of total pay include executives’ 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.
According to Weyerhaeuser’s filing, shareholders will be asked to vote at the company’s annual meeting in April on a shareholder proposal to replace Rogel with an independent director as chairman of Weyerhaeuser’s board. The company said its board, all outsiders with the exception of Rogel, can be sufficiently independent.