LOS ANGELES — Xerox CEO Ursula Burns, the first black woman to lead a Fortune 500 company, saw her pay increase 77 percent in 2009 after she was promoted from president and kept cutting costs amid an economic downturn.
Burns' pay climbed to $9.9 million last year from $5.6 million the year before, according to an Associated Press analysis of a regulatory filing.
Burns, 51, became chief executive in July, taking over from Anne Mulcahy, who is credited with turning the company around over the past decade and plans to retire as board chair in May.
Mulcahy's compensation fell 59 percent to $4.9 million from $12 million the previous year.
Burns' salary rose slightly to $900,000 from $887,500 a year before. Her performance-based cash bonus more than tripled to $1.9 million from about $550,000 a year earlier.
The biggest pay boost came from the value of stock options, which grew to $6.9 million at the time they were granted from similar awards of $4 million received the previous year.
Burns also received other compensation of $200,105, including personal use of company aircraft and dividends on unvested shares. That was up from $155,083 in 2008.
Xerox has seen its revenue stagnate because the recession crimped corporate spending on printers, copiers and the supplies that keep those machines going. The Norwalk, Conn., company announced in January that it would cut another 2,500 employees after 3,000 layoffs in
2009. Each cut amounted to 5 percent of the work force Xerox had at the time.
Burns, who joined Xerox in 1980, made her first big move as CEO in September with a $6.4 billion acquisition of Affiliated Computer Services.
Net income in 2009 more than doubled to $485 million, or 55 cents per share, from $230 million, or 26 cents per share. Revenue fell 14 percent to $15.18 billion from $17.61 billion.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, 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, making the AP total different in most cases than the total reported by companies to the Securities and Exchange Commission.