Genuine Parts CEO Gallagher received $3M in 2008

The chief executive of Genuine Parts Co. received a pay package worth $3 million in 2008, a decrease of 17 percent from the previous year, the company reported Friday. The Atlanta-based auto and industrial parts distributor awarded Thomas C. Gallagher, who is also the company president and chairman, a base salary of $875,000, a 5 percent raise from 2007. His cash-incentive bonus fell 35 percent to $866,716. Gallagher received stock and option awards valued at $1.1 million on the days they were granted. All other compensation - including 401(k) matching contributions, personal use of the company aircraft and club membership dues - totaled $219,159, a 29 percent increase. In 2007, Gallagher's total pay package was valued at $3.6 million, according to calculations by The Associated Press. Gallagher's overall pay cut, which was outlined in a proxy filing with the Securities and Exchange Commission, comes during a difficult time for the company. Last week, Genuine Parts reported a 30 percent drop in fourth-quarter income amid a slide in sales across three of its four divisions. Earnings for the year fell 6 percent to $475.4 million. Shares of Genuine Parts also have taken a beating. On Tuesday, the stock hit a six-year low of $27.73. That's a drop of 46 percent from their all-time high of $51.43 in 2007.