Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) chief executive officer Frits Van Paasschen received compensation the company valued at $8.2 million in 2009, according to a regulatory filing on Wednesday.
The 2009 compensation was more than 70 percent increase from last year due heavily as the hotel company's stock price more than doubled.
Frits Van Paasschen's base salary held steady at $1 million. Van Paasschen earned a $600,000 bonus in 2009, compared with none the year before.
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The majority of the compensation earned by Van Paasschen, who also serves as the company's president, came from restricted stock and options valued at $5.3 million, which is nearly three times the $1.9 million he received in 2008 in stock and options.
Van Paasschen also received a performance-based cash bonus of $1.3 million, a decline from the $1.4 million he got in 2008.
His perks are valued at nearly $64,000, which is far less than the $523,000 value of those he earned in 2008. The majority of the difference came due to Van Paasschen's personal use of the company airplane was a tenth of what it was the year before.
Nearly half of the 2009 perks came from the $31,000 reimbursement the executive received to offset relocation costs.
In 2009, Starwood's stock price more than doubled. It closed out 2008 at $17.90 and finished 2009 at $36.57.
The company's full-year profit fell 78 percent to $73 million, or 41 cents per share. Annual revenue fell 17 percent to $4.76 billion.
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