Outgoing Altria Group CEO made $10.2M in '11

Published April 5, 2012 3:36PM (EDT)

RICHMOND, Va. (AP) — Outgoing Altria Group Inc. CEO Michael Szymanczyk (sih-MAN-sick) received a pay package valued at $10.2 million for fiscal 2011, about half of what he made in 2010.

That's according to an Associated Press analysis of a regulatory filing the cigarette maker made Thursday.

Most of the decrease was due to the 2010 payout of a long-term performance-based bonus of $10.7 million. Szymanczyk's salary was $1.34 million, and he received a $3.25 million performance-based bonus. The value of his stock awards rose 3 percent to $5.1 million.

The Richmond-based company saw its profit fall 13 percent on charges. Its net revenue excluding excise taxes fell nearly 2 percent. It sold 4 percent fewer cigarettes.

The AP's calculation counts salary, bonuses, perks, stock and options awarded to the executive during the year.

By Salon Staff

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