Paccar CEO Got $10.5M Compensation In 2008

By The Associated Press

Truck manufacturer Paccar Inc.'s chief executive, Marc C. Pigott, received compensation valued at $10.5 million in 2008, according to an analysis by The Associated Press, up 27 percent from the prior year, even as the executive declined a performance-based bonus amid the current economic recession.

Bellevue, Wash.-based Paccar, which manufactures Peterbilt and Kenworth trucks, paid Pigott a $1.3 million salary and $11,500 in matching contributions to the company's 401(k) plan, it said in a proxy statement filed Friday.

However, the bulk of his compensation was $9.1 million in what Paccar estimated to be the fair value of restricted stock and stock option grants at the time they were awarded last year. ...