Rochester Business Journal

Xerox Corp. chairman and CEO Ursula Burns saw a more than 2 percent drop in compensation last year to $12.9 million from $13.2 million in 2010, a proxy filed by the company with U.S Securities and Exchange Commission Tuesday shows.

In 2011, Burns pulled in a $1.1 million salary and was awarded a $990,000 cash bonus, down from $1.7 million in 2010.  Her non-cash compensation included $7.5 million in stock awards and a $3.2 million bump up in the value of her accrued pension benefits.

Rounding out Burns’ pay package was $123,537 in other compensation, a category the company lists as including benefits such as personal use of company aircraft, financial planning services, executive physicals and home security. Part of Burns’ 2011 other compensation benefits included a relocation-expense reimbursement, the proxy states.

The company’s new chief financial officer, Luca Maestri, received a 2011 pay package totaling $3.3 million. Maestri received $568,750 in salary, a $341,250 cash bonus, $34,707 in other compensation and stock awards valued at $1.8 million. Maestri, who was hired by Xerox last year, also collected a $600,000 signing bonus.

Former Xerox CFO Lawrence Zimmerman, who stepped down in February 2011, received $1.3 million in total compensation last year. A $962,175 rise in pension-benefit value accounts for most of the total. The calculation of the pension-benefit increase includes amounts Zimmerman actually collected in 2011, the proxy states.  

Other top earners listed are:

• Executive Vice President Armando Zagalo de Lima with total compensation of $5.4 million;
• Executive Vice President James Firestone with total compensation of $4.7 million; and
• Executive Vice President Lynn Blodgett with $3.8 million in total compensation.

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