RICHMOND, Va. (AP) — Coal producer Alpha Natural Resources Inc. CEO Kevin Crutchfield received a pay package valued at more than $6.7 million in 2011, down 21 percent from 2010, according to an Associated Press analysis of a regulatory filing.
The pay package came in a year the Bristol, Va.-based company lost $677.4 million, compared with a $95.6 million profit in 2010. Revenue increased 81 percent to $7.1 billion with the Massey Energy Co. acquisition. Coal shipments rose more than 25 percent to 106.3 million tons in 2011, compared with 84.8 million tons in 2010.
The compensation deal was disclosed Tuesday in an annual proxy filing with the Securities and Exchange Commission.
Crutchfield's salary increased 18 percent to $1 million and the value of his stock options and awards fell 34 percent to $4.89 million. He also was given other compensation worth $273,902.
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