AP Tobacco Writer
RICHMOND, Va. - Lorillard Inc. CEO Murray Kessler received a pay package valued at $13 million in his first full year on the job with the nation's third-biggest tobacco company.
That's according to an Associated Press analysis of a regulatory filing made Thursday.
Kessler joined the company in September 2010. He received a salary of $1.2 million and a $3.5 million performance-based bonus. The value of his stock options and stock awards totaled $8.3 million.
The 52-year-old, who also serves as board chairman, received $3.7 million for 2010.
Last year, Lorillard saw its profit rise nearly 8 percent to $1.11 billion and its revenue excluding excise taxes increased about 10 percent to $4.45 billion.
The AP's calculation counts salary, bonuses, perks, stock and options awarded to the executive during the year.
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