By DAN STRUMPF
AP Auto Writer
NEW YORK (AP) — The CEO of Harley-Davidson Inc., who took over the motorcycle maker part way through 2009, received a pay package valued at $6.4 million during his first eight months on the job, according to a regulatory filing.
Keith E. Wandell received a base salary of $650,025 from his start date of May 1 through the end of 2009, according to proxy a filing with the Securities and Exchange Commission. He received a bonus of $780,030 and stock and option awards valued at $4.9 million at the time they were issued.
He also received other compensation worth $22,515, which includes a cash payment of $19,733 instead of perquisites.
Wandell, 60, replaced James L. Ziemer, who retired last year after 40 years with Harley-Davidson and four years as its CEO. Before taking over Harley, Wandell was chief operating officer of the car battery and building ventilation systems maker Johnson Controls Inc.
During his final four months as CEO, Ziemer received a pay package valued at $2.9 million. That includes a base salary of $455,144, a bonus of the same amount and stock and options valued at $1.9 million when they were granted.
He received other compensation worth $44,221, including $14,800 in cash instead of perks and $22,521 in contributions to a deferred compensation plan.
The Milwaukee-based motorcycle maker has hit hard times recently as consumers put off buying its high-end bikes. The company ended the fourth quarter with a loss $218.7 million, its first quarterly loss in 16 years.
The company has been laying off workers, closed factories and shuttered or sold unwanted brands.
The AP’s total pay calculations include executives’ salary, bonus, incentives, 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 SEC.