NEW YORK — The CEO of auto and industrial parts distributor Genuine Parts Co. received a pay package worth $1.8 million in 2009, a 40 percent drop
CNC Auto Parts from last year.
The Atlanta-based company awarded Thomas Gallagher
sartorius parts manufacturers a base salary of $875,000, unchanged from 2008. Last year he received more than $1
Precision Part million in stock and option awards, but received no such awards this year.
All other compensation — including 401(k) matching contributions, personal use of the company aircraft and club membership dues — came to $125,181, a 40 percent decrease.
In 2008, Gallagher's total pay package was valued at $3 million, according to calculations by The Associated Press.
Last year was the second consecutive year Gallagher took a pay cut. His 2008 pay package was 17 percent smaller than the previous year.
Gallagher's compensation cut in 2009 was due largely to the lack of stock and option awards. The company said it did not grant long-term equity-based incentive compensation this year because of "the overall business climate, economic uncertainty and the expense associated with a grant."
