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Perez tops highest-paid local execs list

Eastman Kodak Co. chairman and CEO Antonio Perez tops this year’s Rochester Business Journal list of the area’s 50 highest-paid public company executives. His total compensation was $9,278,434. (The complete list, based on fiscal 2007 compensation, appears in this week’s RBJ print edition.)

Perez tops highest-paid local execs list

Eastman Kodak Co. chairman and CEO Antonio Perez tops this year’s Rochester Business Journal list of the area’s 50 highest-paid public company executives. His total compensation was $9,278,434. (The complete list, based on fiscal 2007 compensation, appears in this week’s RBJ print edition.)
Perez was the third-highest-paid executive last year. This year he supplanted Richard Sands, Constellation Brands Inc. chairman, who moved to the No. 4 spot with compensation totaling $6,364,466.
Robert Sands, Constellation Brands president and CEO, moved down two spots, from second a year ago to fifth in this year’s list. His compensation totaled $5,964,618.
Rounding out the top five are Edward Butler Jr., No. 2 on the list, who is executive vice president and chief operating officer at Paetec Holding Corp, and Robert Gross, president and CEO of Monroe Muffler Brake Inc. Butler, who moved up from 19th last year, received total compensation of $7,982,896. Gross, at No. 3, received total compensation valued at $6,921,450. He was 21st on last year’s list.
Total compensation includes cash compensation, bonuses, restricted stock awards, long-term incentive plan payouts and the dollar value realized from stock options exercised during fiscal year 2007.
For many executives, cash salary is dwarfed by other compensation. Butler and Gross, for example, earned $330,000 and $844,150, respectively, in cash compensation. However, each also received more than $6 million from stock options.
Information was compiled from 2007 annual reports and proxy statements of publicly held companies that have headquarters in Monroe, Genesee, Livingston, Ontario, Orleans, Seneca, Wayne and Wyoming counties. Other executives from publicly held companies in the area may outearn some of those appearing on the list, but the Securities and Exchange Commission requires companies to disclose compensation for only the five highest-paid officers.

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