Avery Dennison Corp. Chairman and Chief Executive Philip M. Neal earned a salary of $1 million in 2004, plus a bonus of $1.5 million, according to the company's annual proxy statement filed with the Securities and Exchange Commission.
The package represents a 7 percent increase in base pay and a tripling of bonus versus 2003 for Neal, who plans to step down as chief execuitive mid-year. He received benefits of $74,000 representing the use of using Avery's company's owned aircraft, financial consulting and a car lease, along with $89,000 in company contributions to a deferred-compensation and employee 401(k) savings plan, and 190,000 in Avery stock options.
Dean A. Scarborough, Avery's president and chief operating officer, who will take the reins as chief executive when Neal retires, earned a salary of $646,000 and a bonus of $775,000 in 2004. Scarborough's use of the company's aircraft amounted to $30,000, and he $16,265 for a car lease.
Shares of Avery Dennison traded at $62.53 a share on Friday, up 1.1 percent. The shares have roughly tread water for the past two years.
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