Ingram Micro Inc. Chairman and Chief Executive Jerre Stead got no salary, bonus or other pay in 1998, under an unusual employment contract that ties compensation to performance of stock options. The world's largest wholesale distributor of personal computers said Stead, 56, held options to buy 2.8 million shares at the end of last year, worth about $46.5 million then.
In hiring Stead, Santa Ana-based Ingram Micro granted him options for 3.4 million shares at the initial public offering price of $18 a share. Stead received the additional grant for options to 400,000 shares when the initial public offering price exceeded $14.
Ingram Micro shares fell 38 cents to close at $20.94 on the New York Stock Exchange.