W.R. Grace CEO Earns 47% Raise

Fred Festa, CEO of W.R. Grace & Co., received a 47-percent pay raise in 2007 – a result of the company having produced more money from operations – and took home nearly $5.5 million, reports Baltimore Business Journal.

Festa’s salary jumped by 9 percent to $862,500, and his bonus, which is tied to his pre-tax income from operations, rose by 10 percent to $1.4 million, according to the BBJ. Additionally, Festa received $2.4 million under a program that rewards 225 top executives for Grace’s performance over the course of several years. That reward increased by 60 percent from the year before.