Avery Dennison Corp. Chief Executive Dean Scarborough had a lucrative year, even by CEO standards.
He was paid $5.3 million in 2006 in his first full year as CEO, the company reported in a Security Exchange Commission filing Thursday. Since Scarborough took over May 1, 2005, shares in Avery have gained 29 percent. He's only the fifth person to head the $5.5 billion company in its 70-year history.
The Pasadena-based office product maker reported that Scarborough was paid $847,000 in salary and received $2.1 million in cash bonuses. He also received $131,171 in stock awards and $1 million in stock options in addition to $97,587 in miscellaneous compensation, including a car, club dues and medical expenses.
Scarborough's predecessor, Philip Neal, earned a salary of $1 million and a bonus of $1.5 million in his final year.
Shares in Avery were down 36 cents to $63.91 in afternoon trading Friday on the New York Stock Exchange.
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