DALLAS (AP) — The CEO of Southwest Airlines Co. received $4 million in compensation for 2013, unchanged from the year before, as he and other top executives didn't get salary increases although profit and the stock soared.
The airline said in a regulatory filing on Friday that Gary Kelly was paid a salary of $675,000 and a $929,070 bonus and incentives last year. That was a 3 percent decline in bonus and incentive pay.
Most of Kelly's compensation was in stock awards, which Southwest valued at $2.25 million on the day they were granted, matching the grants he got in 2011. He also received $162,808 in other compensation including deferred pay, contributions to retirement and profit-sharing plans, home security and free travel on the airline.
Dallas-based Southwest said in a proxy statement filed with the Securities and Exchange Commission that its board believed Kelly could have received more in stock awards based on his "strong performance and significant contributions." But, the board's compensation committee "deemed it appropriate" to keep the stock award flat.
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