UPS Inc. Chief Executive Officer David Abney’s pay grew another 21 percent for the year after a 35 percent raise in 2015 and a nearly 105 percent increase in 2014, according to the company’s 14A filing with the U.S. Securities and Exchange Commission.
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Parcel giant UPS increased compensation for CEO David Abney and other top executives despite disappointing 2016 results.
UPS Inc. increased the total compensation package for its Chief Executive Officer, David Abney, by 21 percent in 2016, according to the company’s latest filing with the U.S. Securities and Exchange Commission.
Overall, Abney’s compensation for the year grew to $13.7 million, including a 10 percent base salary bump to $1.1 million and stock option awards of $10.2 million.
The increase comes after UPS upped Abney’s pay by 35 percent in 2015 and nearly 105 percent in 2014. Abney was promoted to the CEO position in September 2014.
In addition, the company gave raises to Chief Financial Officer Richard N. Peretz, Chief Commercial Officer Alan Gershenhorn, UPS International President James J. Barber, Jr., and President of U.S. Operations Myron A. Gray “in order to improve the competitiveness of UPS executive compensation,” it said in the Form 14A filing.
UPS in January posted disappointing fourth quarter and full-year 2016 results, reporting a a net loss of $239 million ($0.27 per share) for the quarter. For the full year in 2016, UPS saw net income tumble 29.2 percent year-over-year to $3.4 billion on revenues that grew 4.4 percent to $60.9 billion.
The Atlanta-based parcel and logistics giant delivered a total of 4.9 billion packages throughout the year, a 4.3 percent increase from 2015.