MasterCard CEO gets paid $11 million for 2007

MasterCard Inc.'s president and chief executive, Robert W. Selander, received compensation valued at $11 million in 2007, according a regulatory filing with the Securities and Exchange Commission.

The chief's total compensation for 2007 was half what it was in 2006 -- the year MasterCard went public.

The reason is that Selander received significantly less in stock and options last year than in 2006, even though MasterCard has been faring well during the economic downturn compared to other financial services companies. MasterCard's profit for 2007 was $1.09 billion, or $8.00 a share, and its shares more than doubled during 2007. And since the start of 2008, its shares are up about 11 percent.

MasterCard, the nation's second-largest card processor after Visa Inc., paid Selander a salary of $900,000, the same as in 2006, according to the late Thursday filing. The credit card processor also awarded Selander a bonus of $82,800; perks and retirement plan contributions amounting to $2.88 million; and stock and options valued at $5 million on the date they were granted.

He was also paid a $2.16 million incentive bonus in March 2008 that he earned in 2007.

In 2006, Selander received compensation totaling $22.2 million. That included his salary, $2.45 million in perks and other compensation, and stock and options valued at $14 million. He also got a $4.89 million incentive bonus that year.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and options awards granted during the year. The calculations don't include changes in the present value of pension benefits and sometimes differ from the totals released by the companies.

Unlike other card companies such as American Express Co. or Discover Financial Services LLC, MasterCard processes credit cards, and does not hold the debt. The debt instead is issued by member banks