The second half of 2011 wasn’t kind to Alcoa Inc.’s stock price and Chairman and CEO Klaus Kleinfeld paid the price.
Because his base pay is performance based, the aluminum company slashed Kleinfeld’s annual salary 45 percent to a relatively paltry $1.5 million when the stock slumped.
Don’t shed too many tears for Kleinfeld, though. His total compensation for the year was more than $14 million, Reuters reported. That includes salary, stock options, pension and other goodies.
I want that kind of job — take a 45 percent pay cut and still bank millions.
Photo: Klaus Kleinfeld