According to the filing, Bunch's compensation package was 8.5 percent higher than it was in 2006 when he earned $7.9 million, mainly as a result of an increase in his base salary and stock and stock options with a higher estimated value.
In 2007, received a base salary of $983,333, up 9.3 percent from $900,000 in 2006. He was awarded stock and stock options valued on the day they were granted at $5.5 million, up 18 percent from $4.7 million in 2006.
Bunch, 58, also received a performance-related bonus of $1.9 million, down 13 percent from $2.2 million the year before.
In addition, Bunch received other compensation and perks totaling $158,793, up from $123,612 in 2006. The perks included $26,262 for the personal use of company aircraft and $31,555 for spouse travel expenses, airline club fees and automobile-related expenses.
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 SEC.
In 2007, PPG earned $834 million, or $5.07 per share, up from $711 million, or $4.29 per share, in 2006. Revenue rose 14 percent to $11.21 billion from $9.86 billion.
PPG CEO Earned $8.5 Million in 2007
Date: 9 March 2008
Source: PPG
NEW YORK (Associated Press) - Charles E. Bunch, chairman and chief executive of PPG Industries Inc., received 2007 compensation that the paint and chemical maker valued at $8.5 million, according to a proxy statement filed Friday with the Securities and Exchange Commission.