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ATLANTA (AP) The chairman and chief executive officer of UPS Inc., Scott Davis, received total compensation valued at $5.2 million in 2008 his first year at the helm of the world's largest shipping carrier, according to a regulatory filing Friday. That was about 16 percent more than his predecessor received in 2007.

According to an analysis of the filing with the Securities and Exchange Commission, Davis, 57, received a salary of $960,000, a bonus of $40,000 and a performance-based bonus of $136,944.

He received all other compensation of $30,014, including $6,900 for 401(k) matching contributions, $4,386 related to life insurance premiums, $5,498 related to a restoration plan rollover option involving pension benefits and $13,230 for financial planning services.

Davis also received stock and option awards the company valued at $4,001,706 on the days they were granted.

He did not receive above-market or preferential earnings on deferred compensation.

The total compensation of $5,168,664 in 2008 compares with the $4,452,464 predecessor Mike Eskew received in 2007. Davis, who had been chief financial officer, replaced Eskew, who retired, on Jan. 1, 2008.
UPS' proxy also shows that as of the end of 2008, Davis owned 97,117 Class A shares, currently valued at $4.2 million, and 57,212 options that are exercisable through April 1. Another 6,426,742 shares are owned by the Annie E. Casey Foundation, of which Davis is a member of the corporate board of trustees. That allows him to participate in the voting or investment power regarding those shares, which are currently valued at $276.9 million. Neither Davis, nor members of his family, has any direct ownership rights in those shares, and therefore he doesn't benefit from them financially.

The Associated Press's total pay calculations include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.

Atlanta-based UPS' annual meeting will be held May 7 in Wilmington, Del.

The proposals to be voted on are the election of 10 directors nominated by the board to serve until the 2010 annual meeting, ratification of the appointment of Deloitte & Touche LLP as UPS' independent registered public accountants for the year ending Dec. 31, and approval of the UPS 2009 Omnibus Incentive Compensation Plan.

Shares of UPS, also known as United Parcel Service, dropped nearly 18 percent on a split-adjusted basis during 2008.