Paccar CEO Got $10.5M Compensation In 2008

Pigott, who has been chairman and CEO since 1997, received a 3.8 percent salary increase over the prior year. The company cited his scope of responsibility, tenure and performance, as well as competitive pay practices.

The CEO declined an annual incentive payment of $1.1 million that he earned, the company said, citing "the challenging economic recession and the negative effect upon the company's employees and stockholders."

Paccar said it had targeted net profit of $1.1 billion for last year, and profit came in at $1.02 billion, "an excellent result considering the difficult recession." Sales fell 2 percent to $13.71 billion for 2008.

The company said it did not reduce or modify payments approved on the basis of achieving the calculated goal.