Tyco Electronics CEO Gets $2.6M Pay In 2008

JORDAN ROBERTSON

SAN FRANCISCO (AP) — The pay package for Tyco Electronics Ltd. Chief Executive Thomas Lynch was about a quarter the size in the company's fiscal 2008 that it was in 2007, coming in at $2.6 million for the first full year of the company's operation as a standalone entity, according to calculations by The Associated Press based on the company's proxy filing Friday.

Lynch, 54, wasn't dinged for his performance. His base salary rose 7 percent to $950,000 in 2008 and his performance-based cash bonus jumped 70 percent to $1.4 million, according to Tyco Electronics' filing with the Securities and Exchange Commission. He also received $185,097 in perks, including a $95,000 cash allowance that amounted to 10 percent of his salary.

The key difference between Lynch's pay in 2008 and 2007 was that he and other executives got big, one-time equity awards when the electronics division was spun off from Tyco International in 2007. The Bermuda-based company said the payments were to "establish a meaningful ownership stake in the newly separated company."

Lynch's 2007 compensation package was valued at $11.0 million by the AP's calculations, including an equity award worth $9 million. The company didn't issue any new equity awards in 2008, and aside from the equity award, his compensation package was bigger in 2008 than 2007.