COAL CEO BLANKENSHIP GETS MULTI-MILLION SALARY DEAL

(11/21/2007)

Massey Energy says its Chief Executive Don Blankenship has signed a new $2-3 million two-year employment agreement. Securities and Exchange Commission papers indicate Blankenship's salary will remain unchanged from his current agreement. Massey will pay Blankenship a one million dollar salary and up to $900,000 in performance bonuses in both 2008 and 2009. Blankenship's package also includes stock options, bonuses and other perks. Blankenship had been working under a one-year deal. The employment deal runs through 2009. Separately, Massey gave Chief Administrative Officer Baxter Phillips Jr. a raise to $588,000 from $560,000, Chief Operating Officer Christopher Adkins a raise to $378,000 from $360,000 and Chief Financial Officer Eric Tolbert a raise to $228,800 from $220,000. Massey operates 19 mining outfits in West Virginia, Kentucky and Virginia, and is the fourth largest coal producer by revenue in the United States.

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