DENVER—Molson Coors Brewing Co.’s chief executive earned $5.9 million in total compensation for 2007, up 9 percent from the previous year as the nation’s No. 3 brewer and rival SABMiller announced plans to combine U.S. operations.
Leo Kiely, 61, received a salary of $985,000, which rose from $945,000 in 2006, according to a Securities and Exchange Commission filing late Monday. He was paid $2 million under a non-equity incentive plan, up $1.66 million in 2006 but did not receive a bonus in either year.
Other compensation totaled $196,920 for insurance and other benefits, including tickets for sporting events. That compared with $172,488 in other compensation the previous year. Kiely also received $2.72 million in stock options and awards for 2007.
The compensation package increased as Denver-based Molson Coors boosted net sales 5.9 percent to $6.19 billion in 2007 despite increasing competition from craft beers.
The company’s stock climbed about 10 percent from March 30, 2007, to Monday’s close of $52.57 a share. The price was up 1.6 percent to $53.45 a share in Tuesday afternoon trading.
The Associated Press calculations of total pay include executives’ salary, bonus, incentives, 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.
Molson Coors said executive compensation is primarily based on financial and business performance and incentives to expand business. The other factor is to remain competitive with other businesses.
Kiely, who has headed Molson Coors Inc. since February 2005, is poised to become CEO of MillerCoors LLC, the joint venture of U.S. operations of Molson Coors and SABMiller based in Milwaukee. It is expected to close this summer pending regulatory approval.
Molson Coors produces Coors, Coors Light, Blue Moon and Molson beers while SABMiller, the No. 2 brewer, makes Miller Lite and other products.
Molson Coors scheduled its annual meeting May 15 in Denver to elect directors and ratify the appointment of an independent auditor.
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