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Former Amphenol CEO Got 2008 Pay Valued At $2.2M

The Associated Press

NEW YORK (AP) — The former chief executive of Amphenol Corp., which makes electronic and fiber optic connectors and cables, received compensation valued at $2.2 million in 2008, a 65 percent decline from a year earlier, according to an Associated Press analysis of figures disclosed in a regulatory filing.

Martin H. Loeffler stepped down from his CEO post on Jan. 1 and is now executive chairman. He was replaced by R. Adam Norwitt, who had already been serving as the company's president and chief operating officer.

According to a proxy statement the company filed with the Securities and Exchange Commission Monday, Loeffler received a base salary of $1.1 million last year, a 3 percent increase from 2007.

He also received $947,750 in incentive-based awards, down nearly 5 percent from a year earlier. Loeffler's other compensation, or perks, totaled $48,557, roughly the same as in 2007. This included $31,292 for a car and driver and $17,265 for group life insurance.

The company didn't grant any stock-based awards to Loeffler in 2008, while in 2007 he received stock options valued at $3.97 million on the date they were granted.

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.

Wallingford, Conn.-based Amphenol posted 2008 earnings of $419.2 million, or $2.34 per share, up from $353.2 million, or $1.98 per share, in 2007. Revenue rose to $3.24 billion from $2.85 billion.

The company's shares dropped sharply in 2008 amid the global economic turmoil — to $23.98 at the end of the year from $47.04 at the end of 2007.