Ex-Altria CEO Camilleri got 2007 compensation valued at $22M

Camilleri, who now is the chief executive of Philip Morris International Inc., which was spun off last month from Altria, was paid a salary of $1.75 million, according to Altria's proxy statement with the Securities and Exchange Commission.

He also received $4.75 million under a non-equity incentive plan for 2007 plus $5.03 million under a long-term incentive plan.

His salary remained unchanged, but the value of his long-term incentive plan fell, from $15 million in 2006.

Camilleri who has been replaced at Altria by Philip Morris USA's chief executive Michael E. Szymanczyk also received $469,165 in "other" compensation, including $94,339 for use of company aircraft and $29,921 for the installation of a home-security system. He also got $64,374 in reimbursements on taxes on retirement assets.

The proxy statement showed that Camilleri also received stock awards valued at $10 million when they were issued in January 2007.

The Associated Press calculations of total compensation 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 listed in the summary compensation table of proxy statements filed with the SEC.

Camilleri was Altria's chief executive from April 2002 until assuming the same position at Philip Morris International when it spun off from Altria on March 28. He had been with the company since 1978.

Altria now consists mainly of its domestic cigarette unit Philip Morris USA, cigar manufacturer John Middleton Inc., Philip Morris Capital Corp. and a 29 percent stake in London-based SABMiller PLC, brewer of Miller beer.

Its first-quarter profit fell 11 percent, in part because of costs related to the spinoff of Philip Morris International Inc. and relocating its corporate headquarters from New York to Richmond. The maker of top-selling Marlboro cigarettes reported earnings of $2.45 billion, or $1.16 per share, for the quarter ended March 31, down from $2.75 billion, or $1.30 per share, in the year-ago quarter.

Sales for the period were $4.41 billion, up nearly 3 percent from $4.3 billion in the same quarter in 2007. Analysts had expected revenue of $3.83 billion.