El Paso CEO Gets Compensation Valued At $6.2M

By JOHN PORRETTO

HOUSTON (AP) — El Paso Corp. President and Chief Executive Douglas Foshee received a 2008 compensation package valued at about $6.2 million last year, according to an analysis by The Associated Press, 18 percent less than 2007.

Like a lot of top executives, the bulk of Foshee's package came in stock options and awards El Paso valued at $4.5 million when they were granted on April 1, 2008, according to El Paso's filing Tuesday with the Securities and Exchange Commission. That compared with stock options and awards valued at $4.9 million in 2007.

The natural gas distributor and producer also paid Foshee, 49, a salary of about $1 million, 5 percent higher than 2007. But his performance-based bonus fell by nearly $1 million — to $593,220 from $1.5 million in 2007.

Foshee's compensation included $118,212 in other compensation, or perks. That figure includes $104,648 in supplemental benefits, $10,350 in retirement savings contributions and $2,243 for an annual physical.

Foshee received $6,246 in above-market interest credited to his supplemental retirement savings plan.