Weyerhaeuser CEO Gets 2008 Pay Valued At $4.7M

MIKE OBEL

NEW YORK (AP) — Dan S. Fulton, chief executive of timber and wood products company Weyerhaeuser Co., received compensation valued at $4.7 million in 2008, according to an Associated Press analysis of a report filed with the Securities and Exchange Commission earlier this month.

Fulton, 60, has led the Seattle-based company since last May, received a salary of $792,427 and perks of $34,456. Most of the perks came as financial counseling. He also received stock awards and options valued at $3.9 million on the dates they were granted.

The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.