Washington: International Business Machine Corp Chief Executive Virginia Rometty was paid USD 13.97 million in 2013, down from USD 16.2 million she took home in 2012, according to documents filed with the SEC on Monday.
Rometty`s base pay was unchanged at USD 1.5 million, but cash bonus under IBM`s annual performance-based incentive program was cut to zero from USD 3.9 million last year, due to a decline in revenue and related cash flow in 2013.
In explaining the move the company said "in view of overall results, Mrs. Rometty and her senior team recommended forgoing their annual incentive payout for 2013."
Compensation for other named executives in IBM — Chief Financial Officer Mark Loughridge, Senior vice presidents J.E. Kelly, R.C. Weber and Steven Mills also showed similar trends.
IBM, which had sold its low-end server business in January, had recorded a 4.6 percent decline in revenue in 2013.
First Published: Tuesday, March 11, 2014, 10:00