Earnings

Return to Article

Dover Corp. CEO Livingston Earns $3.1M In 2008

The Associated Press

HARTFORD, Conn. (AP) — Dover Corp.'s Robert Livingston earned $3.1 million in 2008, the year he became chief executive and president of the diversified manufacturer, according to an Associated Press analysis of a regulatory filing.

Livingston received a salary of $767,500 and a bonus of $1 million, the Tuesday filing with the Securities and Exchange Commission said.

Additionally, Livingston received a $763,020 performance-based bonus and stock options valued at $596,582 when they were awarded.

He also received $20,225 in matching contributions to his 401(k) plan.

Livingston, 56, succeeded Ronald Hoffman as CEO on Dec. 1. Before that, he was CEO of the company's Dover Engineered Systems unit. Livingston's compensation for 2008 was aligned with the performance of Dover Engineered Systems rather than the company as a whole, Dover said.

Hoffman, who was CEO from January 2005 until he retired Nov. 30, received compensation of $6.8 million. He was paid a salary of $1.1 million that was prorated to reflect his work for the 11 months of 2008, the company said. He also received a bonus of $2.9 million.

Hoffman, 60, also received a performance bonus of $632,952, and $5,520 in matching contributions to his 401(k) plan.

In addition, he received stock options valued at $2.2 million when they were awarded.

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.

Dover earned $590.8 million, or $3.12 per share, in 2008, down from $661.1 million, or $3.26 per share, in 2007. Earnings from continuing operations totaled $694.8 million, or $3.67 per share, up from $669.8 million, or $3.30 per share, in 2007. Sales rose to $7.57 billion from $7.32 billion.