Spectra Energy CEO Got $4.8M In 2008 Compensation

HOUSTON (AP) — Former Spectra Energy Corp. Chief Executive Fred Fowler, who retired from his post on the last day of 2008, saw his total compensation fall 23 percent to $4.8 million last year, as the value of stock options were less than the previous year, according to a recent regulatory filing.

Fowler's pay package fell from the $6.2 million he received in 2007, according to the natural gas transport and storage company's filing with the Securities and Exchange Commission.

Fowler, 63, received other bonuses totaling $1.18 million in 2008, slightly higher than the $1.15 million awarded the year before.

In addition, Fowler received stock options valued at $2.4 million when they were granted Feb. 26, 2008. In 2007 Fowler's stock options were valued at $4 million on their grant date, in part from a higher share price at the time.

The company's stock price had shed 5 percent from its 2007 grant date to the 2008 grant date.

The remainder of Fowler's 2008 pay package was a $1 million salary, up from $950,000 in 2007, and $143,693 of "other" compensation, the bulk of which was contribution to an executive savings plan.