Life Technologies CEO's 2009 compensation falls
Life Technologies Corp. Chairman and CEO Gregory Lucier's compensation fell 60 percent to just over $4.5 million in 2009 on a lack of stock awards, according to an Associated Press calculation of figures disclosed in a regulatory filing.
In 2009, Lucier received a 14 percent boost in salary to just over $1.1 million and a 63 percent boost in performance-related bonus to just over $3.3 million. Other compensation, which includes financial planning services, long-term disability premiums and a 401(k) match, fell 32 percent to $43,469.
The figures were part of a March 5 regulatory filing with the Securities and Exchange Commission.
Lucier did not receive stock options or restricted stock in 2009, compared with $8.1 million worth in 2008 when the company was formed. Lucier previously served as CEO of Invitrogen Corp. and received most of his regular 2008 compensation with that company.
Life Technologies, based in Carlsbad, Calif., was formed in November 2008, after Invitrogen bought Applied Biosystems Inc. for $6.4 billion. The company makes medical research tools.
For the year ended Dec. 31, Life Technologies earned $144.6 million on revenue of $3.28 billion. During the year, shares of Life Technologies more than doubled to close at $52.22.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.