The Associated Press April 15, 2011, 6:47PM ET

New Caterpillar CEO's compensation quadruples

An Associated Press review has found that Caterpillar quadrupled CEO Doug Oberhelman's compensation last year when he took over the top job, but his $10.4 million package was less than half what the retiring chief executive received.

Oberhelman became CEO last summer and added the chairman title later after Jim Owens retired. Owens' compensation more than tripled in 2010 to $22.5 million, mostly from a stock grant worth $16 million.

Caterpillar delivered strong results in 2010 as the economy emerged from the recession. It generated $2.7 billion net income, or $4.15 per share, on revenue of $42.6 billion last year.

The AP's calculation is based on a company filing Friday with federal regulators. The calulation counts salary, bonuses, perks, stock and options awarded to the executive during the year.

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