Starwood CEO earns $8.2 million in 2009, up 70 percent as stock price more than doubled

Starwood CEO took home $8.2 million in 2009

CHICAGO — The Associated Press has found that Starwood Hotels’ CEO’s compensation rose more than 70 percent in 2009. The increase came as the hotel company’s stock price more than doubled.

Frits Van Paasschen’s pay in 2009 was $8.2 million. That’s up from $4.8 million the year before. Most of the increase was in the form of stock options.

The company owns Sheraton, Westin and W Hotels. Its profit fell 78 percent in 2009. But its share price rose from $17.90 to $36.57. The AP’s executive pay calculation is based on a regulatory filing and aims to isolate the value the company’s board placed on the CEO’s total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.

(This version CORRECTS the spelling of Van Paasschen’s first name.)