Rouse paid Deering, its CEO, a total of $3.15 million last year

$905,002 in salary, $2.25 million in bonuses

April 09, 2003|By Meredith Cohn | Meredith Cohn,SUN STAFF

Anthony W. Deering, president and chief executive of the Rouse Co., received a salary of $905,002 and bonuses of $2.25 million last year, according to a proxy statement filed with the U.S. Securities and Exchange Commission and made public yesterday.

Deering's bonuses were more than double the $1.06 million he received in 2001, and his salary a 3 percent raise from the previous year. There will be no raise in base salary in 2003 for Deering, who is also chairman of the board, the statement said.

The company cited "excellent results for the year" in awarding Deering a bonus of just over $1 million.

And it cited Deering's role in a deal with Rodamco North America NV, in which the Rouse company bought eight premium shopping malls for $1.5 billion, in awarding him a second bonus of $1.25 million.

The proxy said Deering, 58, also received options to buy 360,000 shares of Rouse common stock and a restricted grant of 15,000 shares in the Columbia-based company, which owns several area malls including Harborplace and The Mall at Columbia.

It also developed the community of Columbia.

The proxy statement also says Deering has amended his contract to stay on as chief executive until January 2008, an extension of three years.

In a separate statement, Deering announced his intention to sell 100,000 shares of common stock.

He also exercised options that resulted in about the same number of new shares, after some shares were sold to pay taxes. The prices were not included in the statement.

Rouse shares closed at $34.33, down 32 cents, on the New York Stock Exchange yesterday.

Deering has said that he had not previously sold Rouse shares because of the negative message it would send about his faith in the company and the tax burden it would create.

"Since my family's net worth is more than 85 percent represented by investments in the Rouse Co., our personal financial advisers recommended that, for estate planning purposes, some diversification was prudent," Deering said in a statement.

"I will still own approximately 435,000 shares. Additionally, I will still have outstanding options to purchase more than 1.5 million shares."

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