Caterpillar CEO's pay package grows 42 percent in 2011
The CEO of heavy equipment maker Caterpillar Inc. saw the value of his compensation jump 42 percent to $14.8 million last year as the company's global sales grew nearly as much.
An Associated Press analysis of a document the company filed Wednesday with the Securities and Exchange Commission shows the world's largest maker of construction and mining equipment gave Doug Oberhelman $1.4 million in salary plus stock options worth $8.3 million and incentive pay of $4.9 million.
Peoria-based Caterpillar's board said its CEO deserved the additional compensation because the company completed several acquisitions successfully and still delivered strong results.
Caterpillar's net income soared 83 percent in 2011 to $4.9 billion, while its revenue grew 41 percent to $60.1 billion.
The AP's calculation includes salary, bonuses, perks and stock and option awards.