PPG CEO's Compensation $7.9M in 2006

PPG Industries Inc. Chairman and Chief Executive Charles E. Bunch received compensation of about $7.9 million in 2006, according to the coatings, glass and chemical products maker's proxy statement filed Tuesday with the Securities and Exchange Commission.

Bunch, 57, received $900,000 in salary, $2.2 million in non-equity incentive plan compensation, and $4.7 million in stock and option awards. He also received $123,612 in other compensation, including $31,208 for personal use of company aircraft and $6,849 for spouse travel, airline club fees and automobile-related expenses, according to PPG's filing with the Securities and Exchange Commission.

The company said it generally seeks to keep all executives' base salaries below market value, and it did so again in 2006. PPG said executives should receive market-value compensation when the company beats its yearly targets, through higher annual incentive awards.

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.

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