Outgoing Rowan CEO Gets $4.6M Pay Package In 2008

After those 23 severance payments, the company agreed to pay McNease $100,000 a month for another year.

In turn, McNease agreed not to compete with Rowan or any of its subsidiaries for two years.

In December, Rowan announced that its board of directors had appointed W. Matt Ralls as its new president and chief executive. Ralls, 59, had most recently served as chief operating officer of GlobalSantaFe Corp., an international contract drilling company.

Jack Lentz, 64, former managing director of Barclays Capital, took over as chairman of the board Jan. 1. Lentz has served on Rowan's board since 1990.

In its proxy, Rowan also noted that to retain two top executives during its search to replace McNease, its compensation committee approved stock awards valued at $500,000 each for David P. Russell, executive vice president for drilling operations, and Mark A. Keller, executive vice president for business development.

In 2008, Rowan Cos. profit slipped 12 percent to $427.6 million, or $3.77 per share, compared with $483.8 million, or $4.31 per share, in 2007. Excluding one-time items, adjusted earnings for 2008 amounted to $460.7 million, or $4.06 per share. Revenue climbed 6 percent to $2.21 billion from $2.1 billion.