DALLAS (AP) – Chip maker Texas Instruments Inc.’s CEO’s pay package rose 23 percent in 2010, according to an Associated Press calculation from a regulatory filing.
Richard K. Templeton, 52, received compensation valued at $12.1 million, up from $9.8 million in 2009, according to the company’s proxy statement filed Monday with the Securities and Exchange Commission.
Templeton’s salary rose 3 percent to $987,840, and he was also granted a performance-based bonus worth $3.2 million — up 77 percent year over year.
The CEO received stock awards worth $4.1 million on the day they were granted, an increase of 25 percent from 2009. His option awards were worth $3.6 million on the day they were granted, a dip of 1 percent from the previous year).
Templeton’s $240,521 in perks included $47,786 for unused vacation time, $60,957 in contributions to a retirement plan and $111,204 for personal use of the company’s plane.
The AP’s calculation of executive pay includes salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards as of the day they were granted. The calculations exclude changes in the present value of pension benefits, making the AP total different in most cases than the total reported by companies to the SEC.
Dallas-based TI’s chips are used in many different types of electronics, handling tasks like regulating and converting electric power, processing audio, communicating with hard drives and creating Wi-Fi and cellular connections.
Throughout much of 2010, its financial results indicated that it was rebounding from the recession. But in October TI warned that the chip market was weakening and its outlook for 2011 was cautious. TI’s fourth-quarter results, which were released in January, came in just ahead of expectations, however, and the company said at the time that it was past the “short and shallow downturn” that occurred during the second half of the year.
For 2010, the company reported net income of $3.23 billion, or $2.62 per share, more than doubling from the year before. Revenue rose 34 percent to $13.97 billion.
TI’s stock price rose 24.7 percent last year, ending at $32.50 a share. The stock lost 79 cents, or 2.2 percent, to close at $35.48 Monday.
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