AmEx hands out $1M-plus bonuses; CEO declines his

NEW YORK -- The chief executive of American Express received a pay package worth nearly $43 million in 2008, although much of that consists of stock and option awards currently of little value given the sharp decline in the credit card company's stock price.

CEO Kenneth Chenault also declined to accept a 2008 cash bonus, though four other top executives received 2008 bonuses totaling more than $10 million, according to a regulatory filing Tuesday.

Chenault's 2008 compensation totaled $42.9 million, down 17% from his 2007 pay package of $51.7 million. But the bulk of Chenault's 2008 compensation came in the form of $34.17 million worth of stock and option awards, granted back in January 2008 when shares traded at $49.13 — they have since fallen to $12.17, as of Tuesday.

American Express said in the filing it does not expect a majority of those awards for Chenault to ever vest, given the company's performance to date.

Chenault received a 2008 salary of $1.25 million, a $6.1 million cash bonus for his performance in 2006 that vested in February 2009, and above-market earnings on deferred compensation of $188,480. He got perks and other compensation totalling $1.2 million — which included $414,702 for personal use of the company aircraft, $134,299 for local travel, $200,898 for a home security system, and $331,250 in company contributions to savings plans.

Meanwhile, other top executives received lower salaries, but did get cash bonuses for 2008.

In addition to their 2006 bonuses that recently vested, Vice Chairman Edward Gilligan was paid a 2008 bonus of $3.5 million; President Alfred Kelly received $3 million; Chief Financial Officer Dan Henry received $2.1 million; and Chief Information Officer Stephen Squeri received $1.65 million.