IBM CEO's take-home down 14 percent in 2013

Mon Mar 10, 2014 3:39pm EDT

IBM Chairwoman and CEO Virginia ''Ginni'' Rometty delivers a keynote speech at the Mobile World Congress in Barcelona February 26, 2014. REUTERS/Albert Gea

IBM Chairwoman and CEO Virginia ''Ginni'' Rometty delivers a keynote speech at the Mobile World Congress in Barcelona February 26, 2014.

Credit: Reuters/Albert Gea

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(Reuters) - International Business Machine Corp Chief Executive Virginia Rometty was paid $13.97 million in 2013, down from $16.2 million she took home in 2012, according to documents filed with the SEC on Monday.

Rometty's base pay was unchanged at $1.5 million, but cash bonus under IBM's annual performance-based incentive program was cut to zero from $3.9 million last year, due to a decline in revenue and related cash flow in 2013.

In explaining the move the company said "in view of overall results, Mrs. Rometty and her senior team recommended forgoing their annual incentive payout for 2013."

Compensation for other named executives in IBM — Chief Financial Officer Mark Loughridge, Senior vice presidents J.E. Kelly, R.C. Weber and Steven Mills also showed similar trends.

IBM, which had sold its low-end server business in January, had recorded a 4.6 percent decline in revenue in 2013.

(Reporting By Aditya Kondalamahanty in Bangalore; Editing by Joyjeet Das)

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