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Incoming Lorillard CEO Kessler made $13M in '11

Wednesday - 4/11/2012, 3:20am  ET

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.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)