IBM's Gerstner earned $6M in 1997

Summary:The powers that be at IBM are certainly happy with Lou Gerstner.According to a proxy statement filed today with the Securities and Exchange Commission, IBM's (IBM) chairman and CEO pulled down $6 million in salary and bonuses last year.

The powers that be at IBM are certainly happy with Lou Gerstner.

According to a proxy statement filed today with the Securities and Exchange Commission, IBM's (IBM) chairman and CEO pulled down $6 million in salary and bonuses last year.

In addition, the company awarded Gerstner options on 2 million more shares of stock, which can be exercised at $103.56 a share. The options vest over the next five years.

IBM has also signed Gerstner to a 10-year consulting contract that will go into effect when he retires. Gerstner, who has agreed to stay on with IBM until 2002, when he turns 60, will receive a daily consulting fee "based on his daily salary rate at the time of his retirement plus reasonable expense reimbursement," according to the filing.

Gerstner wasn't the only high-tech executive bringing home the bacon last year.

Compaq Computer Corp. (CPQ) CEO Eckhard Pfeiffer earned $4.5 million in salary and bonuses in 1997, according to the company's proxy filing. Pfeiffer was also granted options on 1.75 million shares of Compaq stock with an exercise price of $36.66 a share and an expiration date of September 2007.

Topics: IBM

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