Tiffany CEO receives $4.2M in ’08 compensation

New York City Michael J. Kowalski, chairman and chief CEO of Tiffany & Co., received a 33% cut in compensation for 2008, partly because he declined a performance-based bonus, according to The Associated Press calculations based on a regulatory filing made Thursday.

Kowalski's total compensation package was valued at $4.2 million, down from $6.3 million a year ago. He received a salary of $1 million, up from $972,382 the previous year. He chose not to receive a performance-based bonus; last year he received $1.8 million.