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Gold/Mining/Energy : VLO: Valero Energy Corp.
VLO 181.78+3.4%Nov 14 9:30 AM EST
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From: Brian4/2/2002 1:26:28 PM
   of 299
 
Must be nice:

Valero CEO William Greehey Got $16.5 Mln in 2001 Compensation
By Jeffrey Tomich
San Antonio, April 2 (Bloomberg) -- Valero Corp. Chairman and Chief Executive William Greehey received $16.4 million in compensation last year, a 32 percent increase from 2000, as he oversaw the acquisition of rival Ultramar Diamond Shamrock Corp.
Greehey's bonus rose 39 percent to $5 million as a reward for helping the San Antonio-based oil refiner meet its goals, which included the $5.34 billion purchase of Ultramar in January, Valero said in a filing with the U.S. Securities and Exchange Commission. The merger made Valero the biggest U.S. refining company.
The bonus will be paid in Valero common stock on Jan. 1 of the year following Greehey's retirement -- a move that saved the company $1.9 million in taxes last year, the filing said. In lieu of the delayed payment, Valero gave Greehey a five-year loan for $1.9 million at 4.5 percent interest.
Greehey's salary last year was $1.3 million, the same as 2000. He also received long-term incentive payouts worth $9.98 million, $148,407 in other compensation and 250,000 stock options.
Shares of Valero fell 8 cents to $48.98 in late morning trading. They had risen 29 percent this year.

quote.bloomberg.com
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