EDS CEO gets smaller salary, big stock grant

Electronic Data Systems head Mike Jordan receives a restricted stock award worth $2.3 million and a $540,000 cash bonus.

Ed Frauenheim Former Staff Writer, News
Ed Frauenheim covers employment trends, specializing in outsourcing, training and pay issues.
Ed Frauenheim
Electronic Data Systems' new CEO got a smaller salary last year than his ousted predecessor had in the past, but he received a restricted stock award worth $2.3 million and a $540,000 cash bonus. Mike Jordan, who took over last March, earned a salary of $780,768, according to a filing Tuesday with the U.S. Securities and Exchange Commission. Jordan replaced Richard Brown, who earned a salary of $1.5 million in both 2001 and 2002. Brown earned $375,000 last year. Brown also received a lump-sum payment of $12.2 million upon termination and vested in a supplemental retirement benefit valued around $19.6 million.

Jordan received other compensation last year totaling $109,076 and roughly 1 million stock options with a hypothetical value of $3.6 million when they were granted. EDS reported a fourth-quarter net loss of $354 million and is the target of a recently expanded SEC probe.