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IBM Chief Palmisano’s Compensation Rises to $31.7 Million

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March 7 (Bloomberg) -- International Business Machines Corp. Chief Executive Officer Sam Palmisano’s compensation increased 30 percent last year as the company exceeded its four-year earnings target.

Palmisano, 59, received $31.7 million in total compensation, including salary, stock awards and incentives, compared with $24.3 million a year earlier, the Armonk, New York-based company said today in a regulatory filing.

The CEO’s non-stock incentive compensation almost doubled to $9 million as IBM increased its full-year profit to $11.52 a share, besting its goal of at least $10 set four years ago. Palmisano set another long-term target for the company last year, saying that operating earnings will almost double to $20 a share in 2015.

IBM, the world’s biggest computer-services provider, fell $1.90 to $159.93 at 4:15 p.m. in New York Stock Exchange composite trading. The shares have climbed 9 percent this year.

Palmisano, who has led the company since March 2002, received $4.75 million in non-stock incentive pay in 2009.

To contact the reporter on this story: Katie Hoffmann in New York at khoffmann4@bloomberg.net

To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net