Nicor Chief Gets $2.5 Million In '08 Compensation

NEW YORK (AP) — Nicor Inc.'s chief executive, Russ Strobel, received a compensation package valued at $2.5 million in fiscal 2008, up 16 percent from a year earlier, according to an Associated Press calculation of figures disclosed in a regulatory filing made Wednesday.

Strobel's package rose from the $2.2 million he got in 2007, according to Nicor's filing with the Securities and Exchange Commission.

Strobel, 56, received performance and other bonuses totaling $931,466 in 2008, up from $692,996 he was awarded the year before.

In addition, Strobel received stock options valued at $613,958, when they were granted March 27, 2008. In 2007, Strobel's stock options were valued at $627,825 on their grant date, in part from a higher share price at the time.

Strobel's salary rose to $767,616, compared with $694,308 in 2007, and he received "other" compensation totaling $162,608, comprised mostly of company contributions to his retirement plans. He also received $30,428 in above-market returns on his deferred compensation.

The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the past 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.