(Bloomberg) -- Andrew Liveris, the outgoing chairman of DowDuPont Inc., nearly tripled his compensation last year to $65.7 million, bolstered by payments related to Dow Chemical’s merger with DuPont Co.
Liveris’ compensation included a $1.9 million salary, $4.17 million annual bonus and equity grants of $16 million, some of which are tied to total-return performance, according to a regulatory filing Friday. He also got $43 million in deferred compensation and benefit distributions related to the merger. Liveris’s 2016 compensation was $23 million.
Liveris, the longtime Dow CEO, initiated merger talks days after Ed Breen was named DuPont chief executive officer in October 2015. The deal temporarily created the world’s largest chemical company. DowDuPont plans to split itself into three independent companies next year. A materials science company will reclaim the Dow moniker, the specialty products business will be called DuPont, and the seed-and-pesticide business will be named Corteva.
Breen’s reported 2017 compensation was $13.8 million, representing only his work after the Aug. 31 merger closing. That included a $10 million equity award tied to cost synergies and additional merger goals for the intended split next year into three companies. The filing didn’t detail Breen’s pre-merger compensation.
The company’s CEO-to-worker pay ratio was 175-to-1, but if Breen’s total compensation for the full year is included, it would have been 387. Based on the full-year ratio, his total pay for 2017 would be $30.5 million.
Other former Dow executives received merger-related payouts ranging from $646,6864 to $26.8 million: Chief Financial Officer Howard Ungerleider, Chief Operating Officer Jim Fitterling, Dow General Counsel Charles Kalil and former Chief Commercial Officer Joe Harlan.
Liveris’s compensation included $404,962 related to his use of a corporate jet. Breen’s aircraft expense was $18,700.
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