Massey Energy CEO's Compensation Drops 17 Percent

ERNEST SCHEYDER

NEW YORK (AP) — The chairman and chief executive of coal miner Massey Energy Co. received compensation valued at $19.7 million in 2008, a 17 percent decrease from the previous year, according to an Associated Press analysis of data filed with regulators Tuesday.

The Richmond, Va.-based company paid Don L. Blankenship $1 million in base salary and a bonus of $300,000, the same as the previous year.

Blankenship, 59, also received a performance-based cash bonus of $6 million, up 15 percent year over year.

Furthermore, Blankenship received $457,129 in perks, including $198,890 for personal use of the company jet, $152,642 for housing and maintenance costs, and dividend payouts of $10,570 on restricted stock.

But the bulk of Blankenship's compensation came in the form of stock- and option-based awards valued at $11.9 million when they were granted in 2008, down 29 percent from similar awards granted during the previous year.

However, the stock awards granted in 2008 are currently almost worthless due to a drop in the company's share price since then. The exercise price on about $2.2 million worth of options is $19.50, above the stock's Monday closing share price of $12.97.