Sam Palmisano, IBM chief gets a meagre pay hike

Written by: Super Admin
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San Francisco, Mar 10: Sam Palmisano, the IBM Corp's Chairman and Chief Executive received a compensation package valued at nearly $21 million in 2008. 57-year-old Palmisano got about $1.8 million in base salary, which is the same as in 2007. He received a performance-based cash bonus of $5.5 million which was $500,000 above his target for the year.

His perks totalled $1.4 million. That included $493,881 for expenses incurred on personal travel on the company's private plane, dividend equivalents of $453,397 on restricted stock, and $412,000 in company contributions to defined contribution plans.

The number of shares which the IBM chief will get depends on the company's performance and they won't be handed out until Feb 1, 2011. The Associated Press calculation states that Palmisano's total pay package was valued at $20.97 million in 2008. In 2007, his compensation was $20.91 million, and in 2006 it was $18.77 million.

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