Correction: C.R. Bard Executive Pay Story

In a March 16 story about compensation received by C.R. Bard's chairman and chief executive, The Associated Press reported erroneously his total pay for 2008. The top executive, Timothy Ring, received compensation worth $10.2 million in 2008, not $10.5 million, representing a 6 percent increase, not a 9 percent increase from 2007.

A corrected version of the story appears below:

NEW YORK (AP) — The chairman and chief executive of medical device maker C.R. Bard Inc. received a compensation package worth $10.2 million in 2008, up 6 percent from the previous year according to an Associated Press analysis of a regulatory filing made late Friday.

Timothy Ring's salary increased 5 percent to $992,000, from about $942,000 the year before. His performance-based cash bonus increased less than 1 percent to $1.4 million.

Ring also received stock and options valued at $6.9 million on the day they were awarded. He received $6.4 million in such awards the prior year. Ring's options currently have little value because they have an exercise price of $88.76, well about Friday's closing stock price of $74.94.