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Markets | IN BRIEF | COMPUTERS

Gateway CEO receives $2.7 million in pay

March 27, 2007|From the Associated Press

Gateway Inc. said it paid Chief Executive J. Edward Coleman a total of $2.7 million after he started the job Sept. 18.

The figure includes a $217,000 cash signing bonus, $25,361 in relocation costs and a $1,875 401(k) match, according to the company's annual proxy statement filed with the Securities and Exchange Commission.

Coleman also received a bonus of $189,500, an amount that exceeded his 2006 salary of $187,500. Coleman's regular annual salary has been set at $650,000.

He was also granted 2,204,137 stock options under the company's equity incentive plan. The company estimated the value of the options on the grant date at $2,101,898.

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