Last year was a tough one for the semiconductor industry, but not so much for Altera Corp. CEO John Daane. The Associated Press reported Tuesday (March 31) that Daane pulled down a compensation package worth $4.1 million last year, an increase of 25 percent over 2007.
According to the AP analysis of regulatory filings, Daane got a base salary of $700,000 and a performance bonus of $1.25 million plus $2.15 million in restricted stock options.
The AP said Daane's base salary has remained the same since 2003 and that his performance bonus is tied to operating income.
For what it's worth, Altera in 2008 reported sales of $1.37 billion, up 8 percent from 2007. The company's net income for the year rose 24 percent to $359.7 million.
But, as the AP noted, Altera's stock price declined 13.5 percent in 2008, a year when the Dow Jones Industrial Average was down even more.
So what can be extrapolated from John Daane's compensation package? After all, the company performed pretty well comparatively speaking. Still, first thought here is that it's a good thing for Daane he doesn't work at AIG.
The full AP article can be read here.