Tiffany CEO's 2010 pay package upped to $7.1 million

New York City -- Tiffany & Co. CEO Michael Kowalski received a pay package worth nearly $7.1 million for 2010, a 13% increase over 2009, according to a report by the Associated Press.

A Securities and Exchange Commission filing on Friday showed that Michael J. Kowalski, 59, received a base salary of $958,957 and a performance-based bonus of nearly $1.6 million.
 
The bulk of his award came in the form of stock and option grants worth $4.4 million when they were granted.

Kowalski, who joined Tiffany in 1983, became CEO in 1999 and added the title of chairman in 2003, received other compensation worth $167,124, including $147,072 for a life insurance premium.

In 2009, Kowalski's total pay package was worth about $6.3 million.