DALLAS (AP) — Caterpillar Inc. cut the value of its CEO's pay package by 32 percent to $12 million in 2013, a year when the heavy machinery maker saw its profits fall by a third.
That's according to an Associated Press analysis of a company filing with regulators Monday.
Chairman and CEO Douglas Oberhelman got a small raise in salary last year, but the more important parts of his compensation — cash incentives and stock options — fell.
The AP analysis of Oberhelman's compensation considered salary, bonus, perks and the estimated value of stock and option grants that the company reported to the U.S. Securities and Exchange Commission. The calculation excluded changes in the present value of the CEO's pension benefits, which makes the total differ from the one that Caterpillar reported.