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Former Arch CEO Leer earned less in '12: report

CALL it the ripple effect of the rough market. Former Arch chief executive officer Steven Leer, w...

Donna Schmidt

According to an Arch filing with the US Securities and Exchange Commission this week, Leer’s total compensation was $US5.1 million. In 2011, he received $6.6 million.

While Leer’s salary totaled $857,212, he had $1.1 million in stock awards, another $1.1 million in option awards and $1.3 million in non-equity incentive plan compensation.

He also had a change in pension value equating to $461,597, as well as non-qualified deferred compensation earnings.

The filing also lists $184,355 in “other compensation”, which includes a matching contribution plan, credits under deferred compensation plan, dividend and dividend equivalents, financial planning services and club membership dues.

He received $103,171 for his personal use of the company aircraft as well as a matching contribution to an institution of higher education last year.

Arch president and CEO John Eaves received total compensation of $3.95 million, up 0.7% from $3.92 million in 2011.

His 2012 compensation included $779,712 in salary and $912,743 in stock awards as well as $944,313 in option awards and $923,695 in non-equity incentive plan compensation.

A change in pension value equaling $261,526 was listed in the filing, as was $128,476 in “other compensation” including many of the same extras as Leer.

While Leer was succeeded by Eaves on April 26 2012, he still remains chairman at the Missouri producer.

Other compensation totals reported by Arch in the SEC filing included senior vice-president and chief financial officer John Drexler at $1.89 million, down 15% year-on-year; executive vice-president and chief operating officer Paul Lang with $2.6 million, up 5% from 2011; and senior vice-president of marketing and training David Warnecke with $1.8 million, down 13% over the prior year.

Senior vice-president of law, general counsel and secretary Robert Jones took home $1.5 million.

Whole year, Arch Coal reported a 3% loss in revenue to $4.16 billion.

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