CB Richard Ellis chief sees total pay fall 45%
The chief executive for Los Angeles commercial real estate services company CB Richard Ellis Group Inc. saw his total compensation for 2008 fall 45% after he declined a performance-based bonus.
CEO Brett White’s total compensation fell to $3.3 million from about $6.1 million the year before, according to an Associated Press calculation based on a filing with the Securities and Exchange Commission.
Most of the difference was the absence of a performance-based bonus, which White, 49, declined for 2008, the company said. The board’s compensation committee was prepared to award White a $1.7-million bonus, but he turned it down “in light of adverse economic conditions impacting the company, its employees and stockholders.”
White received a $2.8-million performance bonus in 2007.
His base pay of $850,000 was up 4.5% from the year before.
The value of stock options and restricted stock received was $2.5 million, about the same as 2007.
In addition to his 2008 compensation, White also benefited from stock awards that vested in 2008 valued at $444,044.
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