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Winds of Change Newsletter, September 2006 See sidebar for table of contents
The Blankenship File
Massey CEOs Pay Vastly Exceeds Salaries of Peers,
Reports Find
by Paul J. Nyden, Charleston Gazette,
May 11, 2006
Don Blankenship, chief executive officer of Massey
Energy, receives higher annual pay than most of his colleagues,
according to a new report issued on Wednesday by PROXY Governance Inc
"The average three-year compensation paid to the
[Massey] CEO is 419 percent above the median paid to CEOs at peer
companies, while the average three-year compensation paid to the
other named executives is in line with the median paid to executives at
peer companies."
In a recent Securities and Exchange Commission filing, Third Point
stated, "For the year ended Dec. 31, 2005, Masseys CEO was paid
$33.7 million, more than four times the average compensation of $8.1
million for the competitors CEOs."
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