- The Washington Times - Friday, April 10, 2009

PITTSBURGH (AP) - Leucadia National Corp.’s chairman and chief executive received compensation valued at $1.1 million in 2008, down 5 percent from the previous year, according to an Associated Press analysis of figures disclosed in a regulatory filing.

Ian M. Cumming, 68, received a base salary of $723,152 and a bonus of $22,030 in 2008, according to a proxy statement filed Thursday with the Securities and Exchange Commission.

Cumming’s pay package included other compensation of $403,878. That amount included $229,453 for personal use of company aircraft and $127,750 in directors’ fees from affiliated companies and unspecified amounts for an annual premium on a life insurance policy and contributions to a savings and retirement plan.

Cumming’s pay package was down from $1.2 million in 2007.

Shares of Leucadia National, a New York-based diversified holding company with executive offices in Salt Lake City, lost more than half their value during the year.

The Associated Press’ compensation formula is designed 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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