The shipping giant, which is Louisville’s single-biggest private employer, said the pay increases to their base salaries were meant to “improve the competitiveness of UPS executive compensation,” according to a filing Friday with the Securities and Exchange Commission.
In addition to the 10% raises to their base pay, the executives also received thousands of stock options. The pay increases are effective Oct. 1. The executives and their base salaries last year:
- Chairman and CEO David Abney, $1 million.
- CFO Richard Peretz, $382,431.
- Alan Gershenhorn, chief commercial officer, $550,125.
- Myron Gray, president of U.S. operations, $484,251.
Abney got 37,617 options. Peretz, Gershenhorn, and Gray each receive 7,807. All the options have an exercise price of $106.86, Friday’s closing price. They vest at a rate of 20% annually starting Sept. 16, 2017.
Also, Jim Barber, president of international operations, got 7,807 options, too, but no increase in his base pay, according to the SEC filing.
UPS employs 22,000 workers at its Louisville International Airport hub; more about the shipper’s local operations.
Related: See total top executive compensation last year for major Louisville-area employers in our exclusive database.