El Paso CEO Earns $7.6M in 2007
Wednesday March 19
El Paso Chief Executive Douglas Foshee Earns $7.6 Million in 2007, 47 Percent More Than 2006
NEW YORK (AP) -- El Paso Corp. President and Chief Executive Douglas Foshee received about $7.6 million in compensation last year, a 47 percent increase from the previous year, according to a Securities and Exchange Commission filing on Wednesday. The natural-gas company paid Foshee, 48, a salary of $987,507, 4 percent higher than 2006. Foshee also received $1.5 million in performance-based bonus, about 8 percent higher than in the previous year.
His compensation included $166,399 in other compensation, or perks, up 52 percent from the year-ago total. That figure includes $97,313 in supplemental benefits, $10,125 in retirement savings contributions, $42,395 in aircraft expenses, $1,377 for a home-security system and $15,189 in tax reimbursements in those figures.
Foshe also received restricted stock and options awards valued by the company at $4.9 million on the days they were granted, 81 percent higher than the $2.7 million Foshee received in 2006.
Foshe received $781 in above-market returns on deferred compensation.
The Associated Press' total pay calculations include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.
El Paso's net income jumped to $1.11 billion, or $1.53 per share, last year from $475 million, or 64 cents per share, in 2006. Revenue increased to $4.65 billion from $4.28 billion.
Foshee has been president, CEO and a director of the Houston-based company since September 2003.
