CEO at Bausch & Lomb was paid $10 million in '02

He also got $35 million in options, restricted stock

March 22, 2003|By BLOOMBERG NEWS

ROCHESTER, N.Y. - Bausch & Lomb Inc., the third-biggest maker of contact lenses, paid Chief Executive Officer Ronald L. Zarrella $10.1 million last year.

Zarrella also received stock options valued as much as $30 million and more than $5 million in restricted stock that will vest by 2006, according to a proxy statement filed with the Securities and Exchange Commission yesterday.

Zarrella's base salary was $1.1 million, according to the filing.

The company withheld Zarrella's $1.1 million bonus last year after he admitted that his resume listed false information about his education.

In announcing Zarrella's appointment as CEO in November 2001, Bausch & Lomb said he had obtained a master's degree from New York University's business school in 1978. The company later learned that he attended the school but never graduated.

Zarrella, 53, has eliminated 1,000 jobs at Bausch & Lomb, closed plants and cut dividend payments in half to lower expenses and rejuvenate profits.

The company more than tripled its profit last year, earning $72.5 million, or $1.34 a share, compared with $21.2 million, or 39 cents a share, in 2001.

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