Whirlpool Gave CEO Pay Rise in 2004 Mar 18, 2005

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Appliance maker Whirlpool Corp. paid its chief executive about U.S. $1.5 million in salary and bonus in 2004, up about 15 percent from 2003, according to a federal filing.

Jeff Fettig, who took over as chairman and chief executive in July 2004 upon the retirement of David Whitwam, got a salary increase of about 17 percent, while his bonus was up about 13 percent to $700,000.

Mr. Whitwam was paid $1,356,667 in salary and bonus last year, down from $2,540,833 in 2003, the U.S. Securities and Exchange Commission filing showed.

Whirlpool's net earnings fell about 2 percent last year to $406 million as higher steel and resin costs and pricing pressures hurt gross profit margin. Sales were up 8.6 percent to $13.2 billion. (Reuters)

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