Computer Sciences Doubled Pay of CEO
Computer Sciences Corp. doubled the pay of its top executive to $2.5 million, excluding stock options, for its recently ended fiscal year, according to a regulatory filing.
A year earlier, according to the proxy statement, the El Segundo company paid Chairman and Chief Executive Van B. Honeycutt total compensation of $1.2 million, excluding stock options. Computer Sciences also said Honeycutt realized $5.5 million from the exercise of 240,500 stock options in fiscal 2004, which ended in April.
For the record:
12:00 a.m. July 23, 2004 For The Record
Los Angeles Times Friday July 23, 2004 Home Edition Main News Part A Page 2 National Desk 1 inches; 60 words Type of Material: Correction
Computer Sciences Corp. -- An article in the July 1 Business section about the compensation of Computer Sciences Corp.’s chief executive incorrectly said the company doubled the fiscal 2004 pay of CEO Van B. Honeycutt to $2.5 million. In fact, Honeycutt received a 4.5% salary increase, to $1.25 million, and a $1.1-million bonus. He received no bonus the previous year.
Shares of Computer Sciences rose 47 cents to $46.43 on the New York Stock Exchange.
Honeycutt received a $1.1-million bonus in fiscal 2004, compared with no bonus in the previous year, the firm said.
