Consol Energy CEO gets pay hike
PITTSBURGH — Brett Harvey, the chief executive of coal mine operator Consol Energy, saw his compensation rise 41 percent to $11.9 million in 2008, according to an Associated Press calculation of figures disclosed in a regulatory filing.
Harvey's total pay package rose from the $8.5 million he received in 2007, according to a filing with the Securities and Exchange Commission.
Most of Harvey's compensation came in stock and option awards valued at $8.9 million when granted Feb. 19, 2008. As Consol's share price has shed more than 60 percent of its value since then, these awards are now worth little and have become "underwater," or worth less than the day they were granted because of falling stock prices.
As part of his 2008 package, Harvey earned $1 million in salary, up slightly from the $996,108 he earned the prior year. He also received $1.8 million in performance-related bonuses during the year, a 25 percent boost from 2007 levels.
