Whirlpool Chairman Paid $3.44 Million in 1994
BENTON HARBOR, Mich. (AP) _ David R. Whitwam, chairman and chief executive of Whirlpool Corp., was paid $3.44 million in salary, bonus, stock payouts and other compensation in 1994.
The appliance maker’s proxy statement, released Thursday, shows Whitwam’s overall compensation was down from nearly $5.60 million in 1993 because he cashed in about one-third less in stock options.
His salary increased to $850,000 from $800,000 in 1993, and his bonus was up to $1.5 million from $1.3 million.
Whitwam also was given options on 40,000 shares of Whirlpool stock, which was down 62 1/2 at $53.50 on the New York Stock Exchange Thursday.
The statement shows Whitwam held 227,744 shares of Whirlpool stock as of Feb. 22. At current prices, his stock holdings are worth more than $12 million.
Whirlpool President William D. Marohn was paid $1.32 million in salary, bonus, stock payouts and other compensation in 1994.
Whirlpool had 1994 net earnings of $158 million, or $2.10 a share, compared with $51 million, or 67 cents a share, in 1993. It had a record $8.10 billion in revenues, an 8 percent increase over $7.53 billion in 1993.