Misleading CEO Pay-for-Performance Numbers Target of SEC
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With its stock price depressed and shareholders objecting to how much its top officers were paid, Weatherford International Ltd. worked to show that its chief executive officer was sharing the pain.
Bernard Duroc-Danner was earning less than every one of his peer CEOs, the energy-services firm declared in its April report to investors before the annual shareholders’ meeting. He received $9.8 million over three years, a period when the firm’s shares declined 15 percent, according to the filing.