CORRECTED-Black & Decker CEO may have very big payday - WSJ

(Corrects source of report to Wall Street Journal from New York Times throughout)

NEW YORK, March 9 (Reuters) - Black & Decker Corp BDK.N CEO Nolan Archibald could win a pay package worth more than $89 million if company investors approve the company's proposed acquisition by rival toolmaker Stanley Works (SWK.N), according to the Wall Street Journal.

The pay package for Archibald, who owns about 1 percent of the company he has led since 1986, is unusual for its potential size, as well as for its composition, according to compensation specialists cited by the report.

Mark Reilly, a Chicago compensation consultant, estimated Archibald's pay package could be worth more than $89 million after three years, the WSJ said. The report said some compensation specialists cited concerns about the way Black & Decker's board reviewed the package.

Stanley Works struck a deal to buy rival Black & Decker Corp BDK.N for $3.46 billion in stock in November. [ID:nBNG511551]

Black & Decker could not immediately be reached for comment outside regular U.S. working hours. (Reporting by Ransdell Pierson; Editing by Lincoln Feast)