The locally based CEO of Irish manufacturer Ingersoll-Rand saw a pay raise of almost 30 percent last year, driven by a big increase in the size of his pension.
Michael Lamach, 51, made $19.4 million in 2014, up from just under $15 million in 2013, according to a securities filing Thursday. Lamach, who became chairman and CEO in 2010, is based in Davidson, as are the company’s executive offices.
Lamach’s pay consisted of a $1.3 million base salary, $7.5 million in stock awards, $2.1 million in stock options, $6 million in pension contributions and deferred earnings, other perks of $502,295 and a $2 million reward under the company’s annual cash incentive program, which is designed to reward executives for the company’s financial performance.
Last year, Lamach’s pension value was $917,847. The value of pensions is higher for executives “who are older and closer to retirement than for those who are younger and further from retirement,” the company said in the proxy statement.
The company earlier this week also reported stronger-than-expected first quarter earnings and sales. In 2014, Ingersoll-Rand’s shares rose 3 percent, compared with an 11 percent rise among other companies in the S&P 500.
Ingersoll-Rand manufactures an array of products, from Club Car golf cars to Trane air conditioning systems. The company employs about 2,000 in Mecklenburg County, and the majority are at its Davidson corporate offices.