Western Union CEO Gold’s 2009 pay more than triples on stock-based awards to $8.1 million

Western Union CEO’s pay more than triples in 2009

NEW YORK — Western Union Co. CEO Christina Gold received a total compensation package valued at approximately $8.1 million in 2009, more than triple her pay from the previous year, according to Associated Press calculations of data filed with regulators Tuesday.

Gold, who has served as president and CEO of the payment services company since September 2006, had received a compensation package valued at $2.2 million in 2008.

The bulk of the increase came from stocks and options valued at $5.7 million when they were awarded to Gold in 2009. She did not receive any stocks or options in 2008.

For 2009, Gold received a salary of $975,000, a performance-related bonus of approximately $1.4 million and other compensation totaling $122,200. Gold’s other compensation for 2009 included $83,200 for defined contribution plans and $7,300 for insurance premiums.

The year before her salary was $966,700, while her performance-based bonus was about $1.1 million. Her other compensation was $117,600 in 2008.

The Associated Press formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, 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, making the AP total different in most cases than the total reported by companies to the Securities and Exchange Commission.

In 2009, Western Union’s profit fell 8 percent to $848.8 million while its revenue dropped 4 percent to $5.08 billion.

Western Union, based in Englewood, Colo., is scheduled to hold its annual shareholders meeting on May 14 in Denver.