DOVER, Del. – DuPont Co. chairwoman and CEO Ellen Kullman received compensation valued at more than $12.7 million last year, a 5 per cent increase from the $12.3 million she received in 2011, according to an Associated Press review of a company filing with financial regulators.
Kullman’s higher pay came even as DuPont saw its earnings fall about 6 per cent last year.
In a proxy statement filed Friday with the Securities and Exchange Commission, the Wilmington, Del.-based chemical giant credited Kullman with providing clear direction on DuPont’s long-term growth strategy.
That growth strategy is focused on agriculture and nutrition, industrial biotechnology and advanced materials. DuPont also is focused on the food and energy needs of growing populations in developing countries and on allocating company resources to high-growth businesses.
The company, known as E.I. du Pont de Nemours & Co., also said Kullman oversaw the integration of Danish company Danisco’s specialty food ingredients business and the $4.9 billion cash divestiture of DuPont’s performance coatings unit. Kullman also strengthened DuPont’s talent initiatives, including improving diversity and defining strategies for talent identification and acquisition and succession planning, according to the filing.
DuPont’s filing with the SEC showed that Kullman received a base salary of about $1.4 million, up 4 per cent from $1.3 million in 2011.
Kullman was not given a bonus but received stock awards valued at $6.2 million, up from $5.5 million the previous year, and option awards valued at $2.8 million.
Kullman’s performance-based cash compensation shrank by 24 per cent to $1.9 million in 2012 after falling by 12 per cent in 2011. She received executive perks valued at $433,374. They included company contributions of $328,395 to a retirement savings restoration plan and $22,500 to a separate retirement plan, $66,434 for personal use of company aircraft, $9,310 for financial counselling and $6,735 for use of a company car.
The AP’s calculation of compensation counts salary, bonuses, perks, as well as stock and options awarded to executives during the year. It excludes changes in the value of pensions, and sometimes differs from the total compensation that companies list in regulatory filings.
DuPont also announced in its proxy that its annual meeting will be held April 24 in Wilmington, Del.
On Friday DuPont shares closed down 2 cents at $49.90. They have traded in a 52-week range of $41.67 to $53.98.