Lorillard CEO's 2008 Pay Tripled on One-Time Award

Source from:  Reuters 04/09/2009

Lorillard Inc (LO.N) Chief Executive Martin Orlowsky's total pay more than tripled in 2008, after the U.S. cigarette maker gave him a one-time award related to the extension of his employment agreement. Orlowsky's total 2008 compensation was about $15.9 million, including salary, bonus, the value of stock and option awards and other compensation, according to a proxy filed with the U.S. Securities and Exchange Commission. The 2008 compensation compared with about $5.1 million he earned in 2007. The maker of Newport cigarettes said the bonus paid to the Orlowsky included about $10 million related to the extension of his employment agreement and the separation from Loews Corp (L.N). Prior to June 10, 2008, Lorillard was a wholly-owned subsidiary of Loews. The U.S. cigarette maker, however, decreased Orlowsky's base salary to $1.2 million, effective Jan. 1, 2009, as part of amendments to his employment agreement. Enditem