The chairman and chief executive officer of W.W. Grainger Inc., a provider of facilities maintenance products, received compensation worth $7.2 million in 2006, reports the Associated Press.
Richard Keyser took home base salary of $1.1 million and did not receive a bonus in the year. The bulk of his compensation came as stock and option awards that the company valued at $4.3 million on the dates they were issued.
Keyser also received $689,130 in perquisites, including $122,540 for the use of company aircraft and $4,848 for the use of a company car and driver.
W.W. Grainger’s 2006 profit rose 11 percent to $383.4 million and revenue rose 7 percent to $5.88 billion. The company’s stock lost 2 percent in the year to finish 2006 at $69.96. Shares were trading around $76 on the New York Stock Exchange in early April.
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. It may vary with totals that companies report.