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SanDisk Corp.'s (SNDK) chief executive saw a three-fold increase in total compensation last year, his first year at the helm of the company.
Sanjay Mehrotra's compensation totaled $12.2 million in 2011, up from $4.1 million the previous year. Mehrotra, who served as president and chief operating officer from 2006 through 2010, became CEO at the beginning of last year upon the retirement of Eli Harari.
Mehrotra's compensation was boosted by an increase in stock awards to $3.7 million from $752,809 and a rise in option awards to $6.1 million from $1.3 million in 2010. His salary increased 35%, to $807,692.
By comparison, Harari received total compensation of $29.5 million his final year as CEO, boosted by large stock and option awards. His salary before that, in 2009, totaled $4.1 million.
Meanwhile, Chief Financial Officer Judy Bruner's total compensation rose 20%, to $2.98 million. Her option awards jumped 67%, to $1.1 million, while her stock awards soared 71%, to $644,820.
SanDisk reported record revenue last year, boosted by demand for its memory chips used in devices like smartphones and tablets. But the company has been struggling of late as inventories grow and prices fall. Some of its handset customers have been struggling, in turn hurting demand for SanDisk's products.
The company earlier this month reported its first-quarter earnings fell 49%. The period marked the fifth in a row for weaker earnings.
-By Shara Tibken, Dow Jones Newswires; 212-416-2189; email@example.com