The CEO of Alcoa Inc. saw his compensation rise about 10 percent last year, to $12.3 million, as the aluminum company posted its first full-year profit after two years of losses, according to an Associated Press calculation from the company's proxy statement.
The salary for Chairman and CEO Klaus Kleinfeld was unchanged at $1.4 million for the third year in a row, according to a company filing with the Securities and Exchange Commission Tuesday. But he collected stock options and restricted shares valued at more than $8.1 million when they were granted in January 2010, up from $5.8 million a year earlier.
That made up for a drop-off in his performance-based cash bonus, to $2.6 million, down 31 percent from almost $3.8 million a year earlier. The decline came even though the company met most of the financial and other goals set by the board, such as free cash flow and reduction in carbon dioxide emissions.
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