International Game Technology CEO gets compensation valued at $6.3 million in fiscal 2009

IGT CEO gets fiscal 2009 pay valued at $6.3M

NEW YORK — The chief executive of International Game Technology received total compensation valued by the slot machine maker at $6.3 million in fiscal year 2009, according to a regulatory filing on Tuesday.

President and CEO Patti Hart, 53, received $393,846 in salary and $800,000 under the company’s non-equity incentive plan, the proxy statement filed with the Securities and Exchange Commission stated.

Hart also received a $400,000 discretionary bonus when she was appointed president and CEO of the company effective April 1, 2009.

The CEO was also awarded $94,168 in other compensation, which included $168 for term life insurance premiums and a retainer fee of $94,000 for Hart’s service on the company’s board under the non-employee director compensation program before becoming president and CEO.

Hart’s compensation was boosted by stock and option awards that had an estimated value of $4.6 million on the day they were granted.

Former President and CEO Thomas Matthews, 44, received total compensation valued at approximately $5.2 million in fiscal 2008. He received a salary of $840,000 and a cash bonus of $881,678.

The Associated Press calculations of total pay 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 Securities and Exchange Commission.

IGT, based in Reno, Nev., plans to hold its annual shareholders meeting in Las Vegas on March 2. The slot machine maker reported in November that its full-year profit fell 57 percent while its sales dropped 17 percent to $2.11 billion.

The company’s stock added 31 cents to $20.60 in midday trading. In the year ended Sept. 30, 2009, the shares rose 21 percent.