The Associated Press reports that the 2007 pay for McGraw-Hill CEO Harold McGraw III fell by 35 percent.
McGraw-Hill is the parent of BusinessWeek, which is apparently struggling due to declining ad revenue.
The AP story stated, “Harold McGraw III, head of the New York-based owner of BusinessWeek magazine and Standard & Poor’s, in 2007 received a salary of $1.3 million, a bonus of $2 million and other compensation totaling $654,286, according to a proxy statement filing with the Securities and Exchange Commission.
“The other compensation included contributions to retirement and other savings plans, financial counseling and tax return preparation and expenses related to security for personal trips. Personal use of the company aircraft — which McGraw is required to use for all air travel — totaled $213,071.
“McGraw, 59, also received stock options and awards valued at about $6 million on the date they were granted.
“McGraw’s total pay package in 2006 was valued at nearly $15.3 million, according to a calculation by The Associated Press.”
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