RICHMOND, Va. (AP) — Reynolds American Inc., the nation's second-biggest tobacco company, awarded its incoming CEO Daniel M. Delen a compensation package valued at $8.5 million in fiscal 2011, up 38 percent from fiscal 2010, when he served as president and CEO of subsidiary R.J. Reynolds Tobacco Co., according to an Associated Press analysis of a regulatory filing.
The pay package came in a year when the maker of Camel and Pall Mall cigarettes, and Kodiak and Grizzly smokeless tobacco saw its net income grow more than 27 percent and its revenue excluding excise taxes was flat at $8.5 billion. The company, based in Winston-Salem, N.C., raised prices but sold 6 percent fewer cigarettes.
The compensation deal was disclosed in the company's preliminary annual proxy filing with the Securities and Exchange Commission late Thursday.
Delen's base salary grew 15 percent to $1 million. He also received a cash performance bonus totaling about $1.2 million. Delen, who became CEO last March, also received stock and options valued at about $6.2 million on the date granted.
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