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Culture

Adobe CEO's bonus soars

Chief Executive Bruce Chizen's bonus quadrupled in 2003, thanks to Adobe Systems' sturdy revenue and profit growth.

Adobe Systems CEO Bruce Chizen's bonus quadrupled in 2003, thanks to the software maker's sturdy revenue and profit growth. According to proxy statements it filed Friday with the U.S. Securities and Exchange Commission, Chizen received $900,000 in salary and a $942,000 bonus last year, compared with $875,00 and $233,000 the previous year. Chizen's bonus is based on meeting financial goals.

Chizen and two other executives--Shantanu Narayen, executive vice president of worldwide products, and Chief Financial Officer Murray Demo--also received more than $4 million each from stock option sales. The proxy statement also includes descriptions of two shareholder proposals to be voted on at Adobe's April 28 annual meeting, one restricting sales of stock options by senior executives and the other requiring that stock options be reported as an expense on annual income statements.