- The Washington Times - Wednesday, March 18, 2009

NEW YORK (AP) - Henry J. Theisen, the new chief executive of flexible packaging maker Bemis Co. Inc., received compensation last year valued at $2.9 million, up 16 percent from the previous year, according to an Associated Press calculation of figures disclosed Tuesday in a regulatory filing.

Theisen, who became CEO and president of the Neenah, Wis., company in February 2008, received a salary of $786,083, up 29 percent from the $608,000 he received in 2007. His performance-based cash bonus rose 37 percent to $334,453 from the previous year’s $243,867.

The 55-year-old executive received perks last year valued at $9,548, slightly higher than the year before. Included in his perks were $3,798 for life insurance and $5,750 as 401k company matching contributions.

The CEO also received stock awards valued at about $1.8 million at the time they were granted, up from nearly $1.7 million in 2007.

Theisen, who replaced Jeffrey H. Curler, has worked since 1975 for Bemis in operations, research and development and marketing.

Last year Bemis’ net income slipped 9 percent to $166.2 million, or $1.65 per share, from $181.6 million, or $1.74 per share, in the previous year.

Theisen said the 2008 decline reflected record increases in raw material cost increases in the second and third quarters. In the fourth quarter, the global recession caused customer inventory destocking and a strengthening dollar hurt exports, he added.

Revenue last year improved to $3.78 billion from $3.65 billion.

During 2008, Bemis stock fell 13.5 percent, far less than the S&P; 500 index, which plunged 39 percent during the same period.

The Associated Press’ compensation formula aims to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.

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