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ADP Slashes Executive Bonuses E-mail
Written by Bob Scott   
Thursday, 08 October 2009 01:41

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Gary Butler pictureExecutive compensation at ADP followed the market down as the payroll services giant slashed bonuses and stock awards for its CEO and CFO for 2009. President and CEO Gary C. Butler saw a 15.2 percent decline in his salary while compensation for CFO Christopher R. Reidy was off 24.5 percent.

 

 

Butler received total compensation of $8.1 million for 2009, down from $9.6 million in 2008. However, his bonus fell to $1.29 million, down almost 50 percent from $2.58 million a year earlier and his stock compensation dropped to $1.3 million, down 39 percent from $2.2 million in 2008. He did make up some ground in non-deferred compensation earnings, which represent two executive pension plans. The value of those rose to $1.7 million for 2009, up 57.3 percent from $1.1 million a year ago. 

Reidy's total compensation dropped to $1.83 million, down 24.5 percent from $2.42 million in 2009. His bonus dropped to $346,600, a decline of 33.9 percent from $542,520, the prior year. His stock award of $492,623 for 2009 was 47.8 percent lower than the $944,519 granted him in 2008.

 

Among other executives, Regina R. Lee, president of the Employer Services national accounts division received $1.64 million, including $425,000 in base pay. Benito Cachinero, VP of human resources was paid $1.51 million, including a $400,000 base salary. That was the same base given to Carlos Rodriguez, president of Employer Services small business services division. Rodriguez was given $1.58 million in total compensation

                    

Bob Scott
About the author:
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  
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