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Sun shines on Schwartz


Obviously rewarded for turning the company around, Sun yesterday reported that its CEO Jonathan Schwartz received a total pay package of $14,1-million in fiscal 2007, including compensation the company valued at $7,7-million – nearly a third of which was in bonuses.

Associated Press reports that Schwartz, under whose tenure Sun reported its first full-year profit since 2001, got a 9% increase in his salary to $980 769 and that his package included a $2,5-million bonus for hitting certain financial targets relating to revenue and profit margin.
Schwartz's pay package also included $246 569 paid by Sun for various perks including the personal use of a company plane, which included two family trips, the installation of a home security system and a chauffeur to drive him to and from work.
He also received about $4-million in performance-based restricted stock and $9,8-million in restricted stock.
He did not cash out any stock option awards.
Schwartz replaced Sun co-founder Scott McNealey as CEO in April last year.