CEO Of Vulcan Materials Loses Bonus In Recession

STEPHEN SINGER

HARTFORD, Conn. (AP) — Donald M. James, chief executive of Vulcan Materials Co., which supplies sand and gravel for highway construction, received a compensation package in 2008 of nearly $4.5 million, down more than half from the previous year as the company eliminated its bonus because financial goals were not met, an analysis of a regulatory filing showed.

James was paid a salary of $1.2 million, up about 5 percent from 2007 and received other compensation of $431,049 in thrift plan contributions and other financial benefits, according to a regulatory filing Wednesday. He also received $2.8 million in stock options and restricted stock, which was down by nearly half from 2007.

James, 60, did not receive a performance bonus, though he received a $2.9 million bonus in 2007.

The company said each of the executive officers "performed well in a difficult economic environment."

However, using profit goals and incentive plan formulas, Vulcan Materials said results at the corporate level "fell sufficiently short of the performance goal that no bonus payments were made to the chief executive officer or any of the other named executive officers."