Rockwell CEO Took Pay Cut in 1998

Rockwell International Corp.’s chief executive took a 48% cut in compensation in fiscal 1998 as the maker of factory automation equipment missed some of its financial targets, according to a Securities and Exchange Commission filing. Chairman and Chief Executive Don Davis’ pay fell to $796,500 for the year ended Sept. 30 from $1.5 million because he didn’t get a bonus. His salary rose 21% to $775,000 from $641,667. He also received 200,000 options with a strike price of $48.12, valued at $3.24 million. For 1997, Davis had received an $875,000 bonus, including nearly $375,000 in shares of Rockwell’s restricted stock. Davis took over as CEO in October 1997, replacing Donald Beall. Rockwell shares fell 38 cents to close at $46.19 on the NYSE.