Emerson handed Chief Executive David Farr a smaller bonus this year and a total pay package that was 19 percent smaller than in 2011.
Farr’s total compensation, disclosed in a proxy statement filed Tuesday, came to $10.4 million for the fiscal year that ended Sept. 30. His salary rose 2 percent to $1.25 million, but his bonus of $1.9 million was 21 percent smaller than the 2011 amount. Emerson said bonuses reflected “challenges” that the company faced, including floods in Thailand and a sluggish global economy.
Farr’s 2012 pay also included $3.3 million in stock, $377,167 in perquisites and $3.4 million in increased pension value. The present value of his pension rose because a lower interest rate was used to calculate it; Emerson said it didn’t award any new pension benefits. Excluding the pension numbers, Farr’s 2012 total compensation fell by 46 percent.