Iron Mountain 2008 CEO Compensation: $5.2 Million

ANDREW VANACORE

NEW YORK (AP) — Iron Mountain Inc. Chief Executive Robert Brennan received a compensation package valued by the company at $5.2 million in 2008, according to an Associated Press analysis of figures released in a securities filing Monday.

But Brennan, who succeeded C. Richard Reese as CEO in June after serving as chief operating officer, received most of his compensation in stock options that are worth less because of a decline in the company's share price.

Brennan's base pay came to $813,430. He drew a cash bonus of $128,444 and a performance-tied bonus of $683,294. Other perks, including air travel on a company-leased jet, totaled $32,741.

He received stock options worth $3.5 million. But they were granted with an exercise price of $30.72. Iron Mountain shares closed Tuesday at $25.08.

Reese, who remains the executive chairman of the company's board, earned a compensation package worth $3.2 million in 2008, down 17 percent from the year before.

His base salary fell 5 percent to $911,615. He drew no cash bonus but performance-based payments of $2.3 million, down 21 percent. Other perks came to $14,058. As in 2007, Reese received no stock options or grants.