In an April 28 corrective of an April 1 story about executive compensation at IntercontinentalExchange Inc., The Associated Press reported erroneously the percentage change of the chief executive's total compensation for 2008 and the value of the stock options he was granted in 2007. The compensation received by IntercontinentalExchange's CEO, Jeffrey Sprecher, fell almost 4 percent, not rose 89 percent. In 2007, Sprecher was granted a total of $4.5 million in stock and options, not $1.4 million as reported.
A corrected version of the story appears below:
NEW YORK (AP) _ IntercontinentalExchange Inc.'s chief executive, Jeffrey Sprecher, received a $6 million compensation package for 2008, down almost 4 percent from the previous year, according to an Associated Press analysis of figures disclosed in a regulatory filing.
Sprecher's total pay package had been $6.3 million in 2007.
His base salary increased 8 percent to $780,000 in 2008, from $725,000 in 2007. He received a 31 percent increase in performance-related bonuses during the year. Sprecher received a performance-related bonus of nearly $1.4 million in 2008, compared with $1 million a year earlier.
Sprecher received other compensation of $24,270, including $11,500 as part of a matching contribution for a 401(k) retirement account and another $12,770 to cover insurance premiums.
The CEO also received stock and options grants valued at about $3.9 million, or $80.17 apiece, at the time of the awards in December 2008.
Sprecher had received stock and option grants in the prior year valued at $4.5 million, or $189.43 apiece at the time of the awards in December 2007.
The stock and option awards in 2007 and 2008 currently hold little value as the company's stock price has fallen sharply since they were granted. Shares of IntercontinentalExchange tumbled 57 percent in 2008 as equity markets declined amid the ongoing credit crisis and recession. They closed at $73.65 Wednesday.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, 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 Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.
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