Comp Roundup: Chevron, Avon, and Macy's

Chevron Corp. chairman and CEO David O’Reilly received a package valued at $15.7 million. This 17-percent increase in compensation accompanied the dramatic rise in oil prices.

O’Reilly’s salary of $1.65 million was supplemented by $2.6 million in performance based incentives and stock awards valued at $10.2 million. Chevron also covered various prerequisites totaling $255,251 and $82,456 for O’Reilly’s use of the corporate jets. The CEO has also realized a gain of $18.2 million after exercising his 600,000 stock options. Chevron’s stock price has increased 27-percent since last year.

Andrea Jung, chairman and CEO of Avon Products Inc., received total compensation in 2007 for approximately $11.16 million, a 14-percent increase in salary from the previous year.

Jung received a salary of $1.37 million, which had not changed since 2006, but received $4.32 million in compensation under a non-equity incentive plan, which increased from $3.3 million in 2006.

Her expenses for financial planning and tax preparation totaled $166,129 and her flexible spending allowance for car services totaled $43,895. Jung’s stock and option awards were granted on March 7, 2007 for $5.26 million.

Macy’s CEO Terry Lundgren took home $14.4M in 2007 despite a $2.5 million cut in his cash payout. Lundgren’s compensation in 2007 decreased 11-percent from the previous year. Due to a decline in sales and profits, he collected no bonus payout in 2007.

Lundgren received a higher base pay in 2007 with a salary of $1.49 million, an increase of 7-percent from 2006. He also received $95,699 for air travel, $86,956 for a car and driver, $52,019 in merchandise discounts, and $15,575 for financial counseling. His total stock and option awards were valued at $12.6 million when awarded.