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Xilinx CEO Fiscal '09 Compensation Valued At $1.1M

The Associated Press

NEW YORK (AP) — The president and chief executive of chip maker Xilinx Inc. saw the value of his fiscal 2009 compensation package decline 76 percent in fiscal 2009, according to an Associated Press calculation of figures disclosed in a regulatory filing.

Moshe Gavrielov received total compensation valued at about $1.1 million in the fiscal year that ended March 28, according to the AP calculation. This was down from $4.5 million in the previous year.

Gavrielov's base salary totaled $700,000, up from $164,679 a year earlier, according to a proxy statement Xilinx filed with the Securities and Exchange Commission. His performance-based cash bonus more than doubled, to $389,375 from $175,000.

He received no perks and was awarded no stock options or restricted stock.

The Associated Press compensation 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.

The San Jose, Calif.-based company said in April that while the economic turmoil remains challenging for semiconductor companies, it was able to outperform the chip industry throughout the downturn.

It earned $375.6 million for the fiscal year, up slightly from $374 million. Revenue edged lower to $1.83 billion from $1.84 billion.

Shares of Xilinx fell about 18 percent during the fiscal year, to close at $19.49 on March 27, the last trading day before the fiscal year ended on March 28. The stock has advanced since, closing Monday at $21.61.