By Wailin Wong | The total compensation of Illinois Tool Works Inc. Chief Executive David
Speer fell slightly in 2009 from the previous year, as decreased
revenues forced the Glenview-based company to cut costs.
According to a proxy statement filed with the U.S. Securities and
Exchange Commission, Speer’s compensation totaled $10.5 million in 2009,
compared with $12.7 million in 2008. ITW froze base salaries for
executive officers last year, one of several measures taken in response
to the economic downturn. The company said revenues dropped 19 percent
on the year.
As a result of the freeze, Speer’s base salary remained at $1.1 million. He also received a $1.3 million performance-related bonus, down from $1.6 million in 2008. Another $4.4 million of his 2009 compensation came in the form of stock and stock options.