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Whirlpool CEO Salary Rose in 2003
Mar 12, 2004
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Appliance maker Whirlpool Corp. paid its chief executive U.S. $2.5 million in salary and bonus in 2003, up about 2.5 percent from 2002, according to a federal filing.

David Whitwam, Whirlpool's CEO, got a salary rise of about 5 percent, while his bonus was up $10,000 to $1.37 million. His long-term incentive program payouts came to $1.77 million, up from $643,842 in 2002.

For 2003, Whirlpool reported earnings of $414 million, or $5.91 a share, compared with a net loss of $394 million, or $5.68 a share, a year earlier. Sales were up 10.5 percent to $12.2 billion.

In the filing with the Securities and Exchange Commission, Whirlpool said unit volumes in North America, its largest market which accounts for 64 percent of revenue, were up nearly 8 percent in 2003. But market share in the region was essentially flat as gains in Whirlpool-branded products were offset by lower performance of Kenmore, the company said. (Reuters)

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