Johnson Controls CEO Roell got $14.9M in 2008

NEW YORK - Johnson Controls Inc.'s chairman and chief executive received compensation valued at $14.9 million in 2008, according to a regulatory filing Friday, an 89 percent increase from 2007 when he was the company's vice chairman and executive vice president.

Stephen Roell was paid a base salary of $1.3 million for the company's 2008 fiscal year, which ended Sept. 30. He also received $5.4 million in cash incentives, as well as stock options and restricted stock that the company valued at $7.9 million when they were issued.

Roell received additional compensation of $244,064, which included financial planning and club membership dues and matching contributions to a retirement plan, according to the company's proxy statement filed with the Securities and Exchange Commission.

Roell, 58, became CEO of the building and automobile systems maker in October 2007 and became chairman in January. He took over both positions from John Barth, who was CEO for five years.

Roell received total compensation worth $7.9 million in the 2007 fiscal year, and Barth received $14.5 million.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, 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, and they sometimes differ from the total companies list in their proxy statements.

Milwaukee-based Johnson Controls has faced challenges recently from the difficult automobile market, as automakers cut production in response to plunging sales. It has sought instead to focus on its efficiency and power solutions segments, both of which posted a year-over-year revenue increase in the fiscal fourth quarter.

The company reported a 2008 profit of $979 million, or $1.63 per share, down 22 percent from $1.25 billion, or $2.09 per share in 2007. Revenue rose 10 percent to $38.06 billion from $34.62 billion.

Johnson Controls is projecting earnings of $1.95 to $2.10 per share in fiscal 2009. Shares of Johnson Controls rose 65 cents, or 3.9 percent, to $17.29 Friday.

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