XM CEO gets $4.85 million in compensation in 2007
The president and chief executive of XM Satellite Radio Inc. received compensation valued at $4.85 million in 2007, according to an analysis of a regulatory filing the company made Tuesday.
Nathaniel Davis, who took over as president and CEO in July after serving as chief financial officer, received a salary of $560,416, plus $747,500 in nonequity incentive-based compensation in 2007.
He also received stock awards valued at $3.54 million, according to Tuesday's filing with the Securities and Exchange Commission.
The company's chief executive in 2006, Hugh Panero, received compensation valued at $3.71 million that year, including $3.075 million in stock awards.
In 2007, when Panero left the company as XM prepared for a proposed acquisition by rival Sirius Satellite Radio Inc., Panero received compensation valued at $7.27 million, including $538,522 in salary, a severance payment of $4.95 million and stock awards of $1.77 million.
The 2007 compensation came in a year when the value of XM stock fell 15 percent, from $14.45 a share to $12.24.
Washington-based XM and Sirius have received approval from the Justice Department for their merger, but are still awaiting approval from the Federal Communications Commission.
The AP's total pay calculations 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 filed with the SEC.