RICHMOND, Va. (AP) — Lorillard Inc. CEO Murray Kessler received a pay package valued at $8.5 million in 2012, about 35 percent less than the previous year.
That's according to an Associated Press analysis of a regulatory filing made late Monday by the nation's third-biggest tobacco company.
Kessler's salary rose 5 percent to $1.26 million and he received a $2 million performance-based bonus. The value of his stock awards was $5 million and he received other compensation worth $182,494.
The 53-year-old, who also serves as board chairman, received $13 million for 2011.
Last year, Lorillard saw its profit fall 1.5 percent to $1.09 billion and its revenue excluding excise taxes increase 4 percent to $4.63 billion.
The AP's calculation counts salary, bonuses, perks, stock and options awarded to the executive during the year.