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Total pay for Reynolds American Inc.'s (RAI) Chief Executive and President Daniel Delen jumped 38% to $8.5 million in 2011 from the previous year, according to a filing with the Securities and Exchange Commission.
The nation's second-largest tobacco company behind Altria Group Inc. (MO) disclosed Delen's base salary and stock awards grew, though nonequity incentive plan compensation dropped.
Delen became president and CEO-elect of Reynolds American at the beginning of 2011, after the company announced Susan Ivey's retirement, and permanently assumed the roles in March last year. Prior to joining Reynolds American in early 2007, Delen was an executive at British American Tobacco PLC (BATS.LN).
Ivey's total compensation was $23.8 million for her final full year of employment in 2010 and dropped 84% to $3.8 million the following year, when she was employed by Reynolds American for two months.
The figures were part of a preliminary proxy statement Reynolds American filed with the SEC late Thursday.
Reynolds American has shifted its focus toward a few key brands as cigarette volumes decline industrywide. The company has also diversified into smokeless tobacco and is seeking broader appeal with Camel dissolvables. Last month, Reynolds American reported its fourth-quarter profit rose 16% as higher prices and improvements to productivity helped lift operating margins.
Shares fell 2 cents to $42.05 after hours.
-By John Kell, Dow Jones Newswires; 212-416-2480; email@example.com