Expeditors CEO Receives Compensation Of $6M In '08

NEW YORK (AP) — The chairman and chief executive of freight forwarder and logistics company Expeditors International of Washington Inc. received compensation valued at more than $6 million in 2008, 13.5 percent higher than 2007, according to an Associated Press analysis of a regulatory filing.

Peter J. Rose, 65, got a salary of $110,000 — the same as the previous year. The bulk of his compensation, though, came as a performance-based cash bonus of $5.8 million, up from $5.2 million a year earlier.

The company said it aims to pay a base salary to its executives of anywhere between 45 and 92 percent lower than comparable positions at similar companies, in favor of a larger percentage of total compensation coming though performance-based measures. It doesn't set a maximum limit that executives can earn through performance bonuses.

Expeditors International's profit rose almost 12 percent in 2008.

Rose also collected $1,500 in company contributions to his 401(k) retirement plan, according to the proxy filing with the Securities and Exchange Commission. Additionally, he received stock options valued at $102,846 when awarded on May 7, 2008. But these awards have an exercise price of $46.94 — nearly $20 above Expeditors current stock price. That means the options currently have little value barring a huge rebound in shares.