Cardinal Health CEO compensation more than doubles

Clark's 2008 pay package included $1.4 million in base salary and a $691,804 bonus, the company disclosed in a proxy filing with the U.S. Securities and Exchange Commission.

The greatest share of Clark's pay increase came in the form of stock options and restricted stock valued at $7.4 million on the days they were granted. He received no such grants the year before.

He also received other compensation totaling $246,801, which included $169,095 for personal use of the company's aircraft.

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 companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.

The company said in its proxy filing that its compensation plan seeks to emphasize pay for performance, and because the company did not meet its performance targets, management received smaller bonuses than they would have otherwise.

For 2008, Cardinal Health's earnings fell to $1.31 billion, or $3.60 per share, compared with $1.93 billion, or $4.77 per share a year earlier. Excluding one-time items, its profit came to $3.80 per share, with $91.09 billion in revenue.

Cardinal's shares fell 27 percent to $51.58 in the fiscal year that ended June 30. They closed at $48.54 Monday.