Caterpillar CEO’s pay rises to $17.1 million in 2014

PEORIA, Ill. (AP) — Sales at Caterpillar Inc. dropped slightly in 2014 but CEO Doug Oberhelman’s pay increased 14 percent, to $17.1 million. Caterpillar paid Oberhelman $15 million in 2013, the The Journal Star in Peoria reported. Caterpillar spokeswoman Lisa Miller says Oberhelman’s pay increased through an incentive program and was based on a rise in per-share profit. Oberhelman’s base salary in 2014 was $1.4 million. Miller says that most of the rest — $8.37 million — is in stock options tied to the value of Caterpillar’s stock. Caterpillar makes heavy equipment such as bulldozers and mining trucks. The company is based in Peoria.