The former top executive of Caterpillar Inc., Doug Oberhelman, departed the company with total compensation of $15.5 million for fiscal 2016.
Oberhelman retired as chief executive on Jan. 1 and as executive chairman on March 31. James Umpleby III was promoted to chief executive from group president.
Oberhelman's total compensation declined 13.6 percent compared with fiscal 2015.
Oberhelman's salary was unchanged for the third consecutive year at just more than $1.6 million. Incentive pay jumped from $822,904 to $2.89 million. He received stock and option awards valued at $10.8 million on the date they were awarded.
He also received all other compensation worth $181,034, including: $87,125 for personal use of corporate aircraft or other transportation; $45,909 in reimbursement for home security; $40,050 in a company match to a senior executive compensation plan; and $7,950 in a company match to his 401(k) plan.
Umpleby received a 1.2 percent raise in salary to $825,636, along with $858,138 in incentive pay and total compensation of $5.29 million.
His salary as chief executive will be $1.2 million for fiscal 2017. He is eligible for incentive pay in 2017 of up to 150 percent of his salary, or $1.8 million.
For the full year, revenue declined 18 percent to $38.5 billion.
The company operates a $426 million plant in Winston-Salem.
Caterpillar officials said Jan. 20 that the plant has 140 full- and part-time employees with its Progress Rail subsidiary that took over operations Jan. 1. The local workforce is down from a peak of 438 and a pledge of 510 full- and part-time employees.
Bradley Halverson, chief financial officer and a group president, received $786,312 in salary, unchanged from 2015, along with $852,957 in incentive pay and total compensation of $5.23 million.
Robert Charter, a group president, received $729,768 in salary, unchanged from 2014, along with $818,510 in incentive pay and total compensation of $5.46 million.
David Bozeman, a senior vice president, was listed as a top-five executive for the first time in 2016. He received $698,904 in salary, $471,608 in incentive pay and total compensation of $7.3 million.
There are six shareholder proposals on the agenda for the June 14 shareholder meeting in Athens, Ga.
They are: provide a report on lobbying activities; decrease the percentage of ownership required to call a special shareholder meeting; provide a report on lobbying priorities; include sustainability as a performance measure under executive incentive plans; amend its compensation clawback policy; and adopt a permanent policy that its chairman not be an employee.
The board recommends against each shareholder proposal.
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