MIKE OBELNEW YORK (AP) ¿ Dan S. Fulton, chief executive of timber and wood products company Weyerhaeuser Co., received compensation valued at $4.7 million in 2008, according to an Associated Press analysis of a report filed with the Securities and Exchange Commission earlier this month. Fulton, 60, has led the Seattle-based company since last May, received a salary of $792,427 and perks of $34,456. Most of the perks came as financial counseling. He also received stock awards and options valued at $3.9 million on the dates they were granted. The Associated Press formula is designed to isolate the value the company's board placed on the 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, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.
Fulton's predecessor, Steven Rogel, received compensation last year valued by Weyerhaeuser at $1.6 million, down 74 percent from 2007, when he served a full year as CEO. In 2008, Rogel received a salary of $1 million, perks valued at $67,867, above-market earnings on deferred compensation of about $18,394 and stock awards worth $472,260 when they were granted. Last year, the company recorded a loss of $1.18 billion compared with a profit of $790 million in 2007. Sales fell 26 percent to $8.02 billion. Federal Way, Wash.-based Weyerhaeuser cited the continued decline in new-home starts, falling demand for lumber and structural panels because of lower levels of homebuilding, repair and remodeling and weakening log and wood products prices. Shares of Weyerhaeuser fell nearly 59 percent in 2008. That compares with a 62 percent decline in the S&P 500 Paper & Forest Products index. The broader S&P 500 index fell 39 percent.