Allegheny Tech. CEO's Pay Falls By Half In 2008

By SAMANTHA BOMKAMP

NEW YORK (AP) — The chairman, president and chief executive of titanium producer Allegheny Technologies Inc. received compensation valued at $11.5 million in 2008, down 54 percent from the $25.2 million he was awarded a year earlier, according to an Associated Press analysis of a Securities and Exchange Commission filing Monday.

L. Patrick Hassey received a 2008 base salary of $907,917, compared with a 2007 base salary of $880,042.

Hassey didn't receive a bonus in 2008. In 2007, he was awarded a bonus of $323,886. His performance-based cash bonus fell to $5.5 million in 2008 from nearly $18 million in 2007.

Hassey also received perks valued at $722,645 in 2008, up from $567,172 in 2007. His perks included a club membership, parking, insurance premiums and travel between his family's home in Salt Lake City and the company's headquarters in Pittsburgh. When Hassey was recruited in 2003, the company agreed to pay for him to travel home occasionally on a leased aircraft to avoid Hassey having to move his family to Pennsylvania.

In 2008, Hassey received shares and restricted stock valued at about $4.4 million when they were granted. He received $5.5 million in similar awards in 2007.