Parker-Hannifin's CEO got 6.3 percent less in '09
The CEO of Parker-Hannifin Corp. received compensation in fiscal 2009 valued at $9.1 million, 6.3 percent less than the previous year's compensation, according to an Associated Press calculation of figures filed with regulators.
The reduced compensation came as the recession slashed profit for the Cleveland-based maker of motion and control systems. For the 12 months ended June 30, the company's profit dropped 46 percent and its revenue fell 15 percent.
Don Washkewicz's performance-based cash bonus declined 13 percent to $1.9 million and his perquisites fell 30 percent to $163,056. His salary slipped 3.3 percent to $1.1 million.
The CEO's stock options and restricted stock fell to $5.9 million from $6.1 million.
"We started the year strongly, however, our performance in the second half of the year reflected the impact of the ongoing global recession, which resulted in significantly reduced order rates," Washkewicz said of fiscal 2009.
"We anticipate that conditions will not improve appreciably in our markets for the balance of this calendar year."
The Associated Press formula 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, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.
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