Massey increases potential payout for Blankenship
CHARLESTON, W.Va. -- Coal producer Massey Energy is upping Chief Executive Don Blankenship's potential pay.
A regulatory filing outlining the contract Blankenship signed recently shows Massey has increased the size of cash and stock bonuses and extended the deal to two years. Blankenship had been working under a series of one-year deals.
Blankenship's salary stays at just under $1 million a year, though the agreement memorializes the 10 percent pay cut he took in May. Other components such as his potential cash bonus were increased to $1.5 million from the $900,000 outlined in Blankenship's last agreement.
Richmond, Va.-based Massey had no immediate comment Thursday.
The Associated Press calculated Blankenship's 2008 compensation at $19.7 million -- tops among his U.S. peers.