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April 1, 2002
Volume 80, Number 13
CENEAR 80 13 p. 15
ISSN 0009-2347
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Payday Blues At The Top Two Chemical Firms


It may be difficult for the average employee to feel their pain, but DuPont CEO Charles O. Holliday Jr. and Dow Chemical CEO Michael D. Parker did not receive 2001 bonuses.

8013PARKER2-cmyk 8013board_photo_holliday
Parker Holliday
The economic slowdown was to blame for both the decline in earnings at the two firms and the take-home pay of the two executives.

According to the shareholder proxy statement DuPont filed with the Securities & Exchange Commission, Holliday waived a 2001 bonus and received only a 4% salary increase to about $1.1 million. He received a bonus of $1.7 million for 2000.

Holliday also asked "that he receive no salary increase in 2002, and no adjustment will be made," according to the proxy. But Holliday did receive 540,000 stock options in February, "to further strengthen the link between Mr. Holliday's compensation and increased value to company stockholders." Those options could be worth $36 million if they appreciate 10% a year until they expire in 2011.

While Parker fared somewhat better--Dow's proxy statement shows he got a 36% pay raise to $960,000 in 2001--he did not receive a bonus in 2001 either. His bonus in 2000--his first year as CEO--was $930,000.

Parker received stock options as well. The 125,100 he received were 40% fewer than he received in 2000. They could be worth $6.8 million by 2011.

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