DirecTV CEO Michael White Was Paid $32.9 Million in 2010
White's compensation package was boosted though by upfront stock and option awards for three years, according to the satellite TV company, which plans to launch annual non-binding shareholder votes on its executive compensation.
NEW YORK - DirecTV chairman, president and CEO Michael White's total 2010 compensation amounted to $32.9 million, the satellite TV firm disclosed in a regulatory filing Friday.
A big boost for the pay package though was an "up front" multi-year stock and stock options incentive grant valued at approximately $9.1 million per year over a three year period, the company said. "No additional stock-based grants are anticipated for Mr. White in 2011 and 2012," the filing said.
Last year was White's first at DirecTV.
The filing listed his base salary at $1.45 million. White also received a performance-based bonus of $4 million.
The filing also mentioned the up-front stock awards valued at $14.7 million and option awards worth $12.5 million overall as part of his compensation, plus "other" compensation.
At the firm's annual shareholder meeting this spring, DirecTV shareholders will get to vote on a proposal to hold voluntary and non-binding votes on the compensation packages of top executives annually, the regulatory filing also showed.
Shareholders will also vote to abandon staggered board elections that see groups of directors elected or re-elected every three years. DirecTV now wants to see all directors elected every year.
The "say-on-pay" proposal is similar to one approved this week by Viacom shareholders that calls for an advisory vote every three years.