Annual compensation dropped by nearly half last year for Randall M. Griffin, who retired last month as chief executive of Corporate Office Properties Trust. Griffin earned $3.04 million in 2011, down from $6.05 million in 2010, a filing with the Securities and Exchange Commission showed.
Griffin, who retired after nearly 14 years with the Columbia-based office developer, earned a base salary in each of the past two years of $645,000. But because the company failed to meet performance goals, Griffin did not receive an annual cash incentive award or equity awards based on share price, according to last week's filing. In 2010, he received a $1.03 million cash payout based on company performance and $2.26 million in equity performance awards.
The company, which specializes in defense and government tenants, said federal budget gridlock and a pullback in government leasing led to a decline in the company's stock price last year.
The company's former president, Roger A. Waesche Jr., became COPT's chief executive at the end of March. Waesche's total 2011 compensation fell to $2.2 million from $3.3 million in 2010, the SEC filing showed.