Steven Leer was chief executive of Arch Coal for only one-third of 2012, but Arch’s proxy statement, filed Tuesday, lists Leer’s compensation as $5.1 million. His successor, John Eaves, received $3.95 million.
Leer’s pay was down 22 percent from the $6.6 million he earned in 2011. Eaves’ pay rose 0.7 percent from when he was chief operating officer in 2011.
Arch posted a loss of $684 million last year, and it saw its stock plummet by 50 percent. If Eaves leaves Arch due to a takeover, he could collect up to $6.3 million. The comparable figure for Leer, who stills serves as chairman of the board for Arch, is just under $8 million.