OMAHA, Neb. — The chairman and chief executive of Union Pacific Corp. received $6.5 million in stock incentives plus $1.2 million in compensation for 2001, a wire service reports.
Richard K. Davidson’s salary was $1.1 million and he was given other compensation of $107,945, according to a regulatory filing.
Davidson also received $4.5 million in restricted stock awards and nearly $2 million in stock options.
The president and chief operating officer for Union Pacific Railroad, Ivor Evans, received $2.6 million in stock incentives plus a $683,340 salary in 2001.
According to the Securities and Exchange Commission filing, Davidson and other executives chose to pass on $7.8 million in 2001 cash bonuses in exchange for restricted stock equal to 150 percent of the amount of the bonuses.
Such stock offerings are often made to executives as an incentive to keep talent within the company.
The executives’ compensation was published in proxy materials for the company’s annual shareholders meeting scheduled for April 20 in Salt Lake City.
The company, headquartered in Omaha, was incorporated in Utah and holds its yearly shareholders’ meeting in Salt Lake City.
Union Pacific also indicated in the SEC filing that it billed audit fees of $2 billion to Deloitte & Touche LLP for the year ended Dec. 31.