Tyco Electronics CEO Gets $2.6M Pay In 2008

The company's 2008 fiscal year, which ended in September as the financial crisis started deepening, was solid financially: Sales rose 14 percent to $14.8 billion, and the company posted a $1.78 billion profit. Since then, the company has racked up more than $3 billion in losses as it absorbed huge write-downs to account for sales declines in its electronics components and specialty products.

The AP formula is designed to isolate the value a company's board placed on an 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. Those totals instead reflect the size of the accounting charge taken for an executive's compensation in the previous fiscal year.

The company's annual meeting is scheduled for June 22 in Bermuda.