The first-year CEO of Rowan Cos. received compensation valued at more than $3.7 million in 2009, according to an analysis by The Associated Press.
The compensation package for W. Matt Ralls included a salary of $800,000 and stock and option grants valued at $2.9 million when they were issued, according to a proxy statement the company filed with the Securities and Exchange Commission last week.
Ralls joined the company in December 2008 and became CEO on Jan. 1, 2009.
The Houston company saw its profit fall due to weak demand for offshore drilling rigs. Rowan earned $367.5 million, or $3.24 per share, down from $427.6 million, or $3.77 per share, in 2008. Revenue dropped 20 percent to $1.77 billion.
But Rowan stock, which collapsed along with falling crude oil prices in late 2008, rallied and gained 42 percent during 2009.
In calculating executive compensation, The Associated Press includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The figures don't include changes in the present value of pension benefits and may differ from sums that companies list in the summary compensation table of proxy statements filed with the SEC.
