NEW YORK (AP) – The chief executive of network equipment maker Juniper Networks Inc. received a pay package valued at $6.8 million in 2008 – 9 percent less than in 2007 – according to an Associated Press calculation of data in a filing with the Securities and Exchange Commission.
Scott Kriens, 51, received a salary of $675,000, up almost 19 percent from 2007. He received $38,457 in other compensation, which included $32,090 for attending a company-sponsored recognition event, $5,125 in contributions to a retirement plan, and other company payments of life and disability insurance premiums. Kriens also received a performance-based cash bonus of $903,000.
In addition, the Sunnyvale, Calif.-based company granted Kriens a performance-based stock award valued at $3.5 million that he is slated to get in the future. He received $1.6 million in stock options, too, which are currently worth very little because Juniper shares are trading well below the options' exercise price of $25.16. They closed at $18.34 on Thursday.
The AP's total pay calculations include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation, and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.
Juniper, like other networking companies, was hurt in 2008 by a drop in technology spending related to the sluggish economy.
The company also said late in the year that it discovered some Japanese distributors had been filing inaccurate sales reports, and as a result Juniper deferred $3 million in sales that came through Japanese distributors.
For the full year, Juniper's earnings rose 42 percent to $511.7 million, or 93 cents per share. Revenue climbed 26 percent to $3.57 billion.
The company's share price fell 47.3 percent throughout the year.