IBM chief's total package up 12%

IBM chairman and chief executive Samuel Palmisano’s bonus was down last year, but he probably was not too disappointed with his...

IBM chairman and chief executive Samuel Palmisano’s bonus was down last year, but he probably was not too disappointed with his remuneration, as total pay, bonus, stock options and other payments went up 12% to $8.8m (£4.88m).

Palmisano's bonus fell from $5.4m to $5.175m, but his basic pay rose from $1.55m to $1.66m. He also cashed in stock worth $2.8m during the year.

Details of Palmisano’s pay were released in IBM annual proxy report this week, with IBM’s compensation committee saying his pay and bonus were in return for leading the company through "several difficult challenges" during 2004.

IBM says its leader’s pay is in line with other similar chief executives.

His financial package outstripped IBM’s overall performance in 2004. The company sae sales rise 8% last year, with profits up 11%.

This week IBM confirmed that it would be axing 600 jobs in Germany across its business services division.

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