NEW YORK—Western Union Co. chief executive Christina Gold received a $2.2 million compensation package in 2008, up 31 percent from the previous year, according to an Associated Press analysis of figures reported Monday in a regulatory filing.
Gold, who has served as president and CEO since September 2006, had received a compensation package valued at $1.7 million in 2007.
The rise in the latest compensation package jumped mainly due to a 71 percent increase in her performance-related bonus to $1.1 million from $647,500 in 2007.
Gold’s salary increased 6 percent to $966,700 in 2008, while other compensation increased 4 percent to $117,600. Among Gold’s other compensation, Western Union covered expenses for financial planning services, contributed to defined compensation plans and paid insurance premiums and dividends on restricted stock she holds.
Just as in 2007, Western Union did not award Gold any stock options or restricted stock in 2008.
The compensation package Gold received increased during a year in which Greenwood Village, Colo.-based Western Union’s profit rose more than 7 percent. The money transfer agent earned $919 million, or $1.24 per share in 2008, compared with a profit of $857.3 million, or $1.11 per share in 2007.
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.
