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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe CEO of Indianapolis-based Duke Realty Corp. took home roughly $4 million in total compensation in 2008, a year in which the company’s stock price plummeted 75 percent.
Dennis D. Oklak, 55, received about $1 million more in 2008 than in 2007, the company reported this week in its annual proxy filing. The compensation consisted of $718,461 in salary and the rest in the form of stock and stock options, much of it related to the fact that Oklak reached retirement age in 2008.
Oklak collected a bonus of $507,000 for 2008, roughly half of the “target” bonus called for in his contract. The company said Oklak elected to receive the bonus as restricted stock and not cash because he believes the bonus “should be subject to the risks of current shareholders and based upon future performance” of the company.
Oklak took over as CEO in 2004. He has been with the company since 1986.
Duke’s stock closed at $6.27 a share yesterday, up nearly 11 percent.
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