Sempra CEO Donald Felsinger earned $7.3 million last year, a $471,000 pay cut from 2006, the Associated Press reports.

The AP says (via Forbes) that Felsinger’s salary declined as Sempra’s profit dropped. The news service says:

Felsinger, 60, earned $7.3 million last year, 6 percent less than his 2006 pay package, according to the company’s proxy statement filed with the Securities and Exchange Commission on Friday.

His compensation included a $1 million base salary; $2 million in nonequity incentive payments; and $91,219 in above-market returns on deferred compensation. Felsinger received restricted stock and options that Sempra valued at $3.9 million at the time they were awarded.

Felsinger also received $306,170 in ‘other compensation,’ which included $96,483 in 401(k) contributions, $103,873 in insurance premiums and $68,558 in tax reimbursements.

ROB DAVIS

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