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LONDON -- BP plc's CEO John Browne earned a 58-percent increase in salary and other benefits in 2001, jumping to $4.37 million from $2.76 million, the petroleum company said in its annual report.
Browne's pay includes a salary of $1.728 million, an annual performance bonus of $2.566 million and other benefits worth $79,000.
BP, in a statement, said its directors' pay policy "reflects its belief in the need to attract, motivate and retain world-class executive talent," adding that reward levels "should reflect the competitive global market."
BP said it had to compete for management expertise in the U.S. market, where the company has 40 percent of its business and executive pay is higher. BP's adjusted annual net profit fell 7.2 percent to $13.178 billion in 2001 from a record $14.203 billion in 2000 as crude oil prices fell from 10-year highs.
Through a series of major acquisitions in the past three years, BP has become one of the world's top three oil firms and among the top 20 companies in the world by market value.