Outgoing Rowan CEO Gets $4.6M Pay Package In 2008

By JOHN PORRETTO

HOUSTON (AP) — The outgoing chairman and chief executive of oil drilling contractor Rowan Cos. received a pay package valued at $4.6 million in 2008, 1.4 percent more than he made a year earlier, according to an analysis of the former CEO's compensation by The Associated Press. He also received a generous retirement package.

Danny McNease, who retired Dec. 31 after 34 years with the Houston-based company, received a base salary of $775,000, up from $725,000 a year ago, according to Rowan's proxy filing Monday with the Securities and Exchange Commission. His bonus in 2008 was $214,114, down 75 percent from the previous year.

McNease also received $150,136 under the company's profit-sharing plan, an increase from the $138,750 he got in 2007.

The bulk of McNease's pay package came in the form of stock compensation that Rowan valued at about $3.4 million when the grants were made April 11, 2008.

Additionally, McNease received perks valued at $19,754. That figure included $8,050 in contributions to a company savings plan, $6,103 for use of a company vehicle and $5,601 for a club membership.