Cameron's Outgoing CEO Gets $7M in 2007

Sheldon R. Erikson will step down as CEO on April 1 and be succeeded by President and Chief Operating Officer Jack B. Moore. Erikson will remain chairman.

In 2007, Erikson was awarded a $1 million base salary and a $1.5 million performance-based bonus.

The chairman and CEO also received stock and option awards that were valued by the company at about $4.1 million on the days they were granted.

Erikson's other compensation totaled $387,000 and included about $44,000 for club dues and more than $25,000 for his spouse to accompany him on business trips.

Apart from his 2007 compensation, Erikson realized $26.1 million on exercising stock options and $325,000 on vesting stock awards.

The AP's total pay calculations 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 totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.

In 2007, Cameron's profit grew 58 percent to $500.9 million, or $2.16 per share. Revenue rose 25 percent to $4.67 billion.

Cameron's shares surged more than 85 percent during the year to close at $48.13 on Dec. 31.