HOUSTON (AP) _ Waste Management chief executive David P. Steiner received a compensation package valued at about $6.2 million in 2007, slightly less than he earned in 2006, the company said Wednesday in its annual proxy statement.
Steiner, 47, received a salary of $998,077, incentive compensation of about $1.6 million and other compensation, or perks, valued at $131,058. Those perks included $51,047 for use of company aircraft, $12,876 for a car allowance and parking and $12,714 for club initiation fees and dues, according to the filing with the Securities and Exchange Commission.
The biggest boost to Steiner's pay package was from stock options and awards, which the company valued at about $3.5 million on the date they were granted early last year.
Steiner's 2006 compensation was about $6.5 million. His salary increased nearly $100,000 in 2007, but the estimated value of his stock options and awards granted in 2006 was roughly $200,000 higher than comparable grants in 2007.
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.
Waste Management Inc., based in Houston, is the nation's largest garbage hauler. Steiner has been CEO since 2004.
In February, the company reported net income of $1.16 billion for 2007, up slightly from earnings of $1.15 billion the year before. Full-year sales were roughly flat at $13.3 billion.
Waste Management has spent recent quarters reviewing low-margin accounts and either raising prices for them or eliminating them altogether, a strategy largely applauded by analysts. The company has said its plan to price jobs better to improve margins has worked well.
Waste Management shares fell 16 cents to $34.10 in trading Wednesday. They've traded in a range of $27.57 to $41.19 in the past year.
Copyright 2008 The Associated Press.