NCR Corp. Chief Executive Bill Nuti saw a 16 percent pay cut last year, to $9.8 million, after critics challenged efforts a year ago to restore earlier compensation that executives forfeited when they missed profit targets.
In 2012, Nuti got $5.1 million in salary and bonus, $4.5 million in restricted stock, and $175,350 in perks, including personal use of a company jet and a company-paid car and driver in New York, according to the Duluth-based ATM manufacturer’s proxy filing Monday.
Just before its annual shareholder meeting last year, NCR Corp. re-tooled Nuti’s 2011 stock awards after a corporate governance group advised investors to vote against the company’s plan to give executives “ad hoc” stock awards to replace earlier forfeited ones.
Despite the cut in Nuti’s official 2012 pay, he had a better year by another measure, called “realized” pay. That measure, which some executive compensation experts prefer, tracks tangible pay. It totals how much cash, company stock, perks and other compensation the executive put into his or her account in a given year. By contrast, the official Securities and Exchange Commission measure estimates the current values of pension benefits and stock awards that the executive will own later.
Nuti’s realized pay jumped almost eight-fold last year, to $40.9 million, from $5.4 million in 2011. His realized pay included $35.6 million in gains last year from stock-related awards that he was granted in earlier years.