Getting promoted to the top job at Charlotte steel maker Nucor earned John Ferriola a big raise last year.
The Nucor CEO received total compensation of $8.1 million in 2013, a 135 percent increase from the previous year when he was chief operating officer, according to a securities filing on Tuesday.
Ferriola’s total 2013 pay included $900,000 in salary, $2.1 million in stock awards, $4 million in stock options and a $1.1 million bonus, according to the filing.
Predecessor Dan DiMicco, who served as executive chairman in 2013, made $6.4 million last year, down from $8.5 million in 2012, his last year as CEO. DiMicco retired from the company and stepped down from the board at the end of 2013.
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DiMicco’s 2013 compensation included $925,000 in salary, $1.9 million in stock awards, $600,000 in stock options, a bonus of $559,486 and $2.4 million in severance related to his retirement, according to the filing.
DiMicco also had stock worth $10.7 million vest in 2013 under a three-year performance plan and as part of his retirement, according to the filing.
DiMicco, who now holds the honorary title of chairman emeritus, was CEO for more than 12 years before Ferriola got the top job. He was known as an industry leader who took strong stands against foreign imports that he said hurt U.S. producers.
During Ferriola’s first year as CEO, Nucor posted a total shareholder return of 27.5 percent, including dividends, slightly better than the S&P 500 Materials Index, according to Bloomberg data. Earnings attributable to stockholders declined 3 percent to $488 million in 2013.
“Nucor pays executive officers for results,” the board’s compensation and executive development said in the annual proxy filing.
“The executive compensation plans are designed to pay well when performance is outstanding and provide compensation below the market median when performance is below Nucor’s peers.”
Nucor will hold its annual stockholder meeting at 10 a.m. May 8 at the Charlotte Marriott SouthPark, according to the filing.