Garmin CEO Paid $422,782 in 2007

By: AP
By: AP

KANSAS CITY, Mo. (AP) _ Garmin Ltd. chairman and CEO Min Kao was paid nearly $423,000 in 2007, or almost 14 percent more than the previous year.

A securities filing today says the 59-year-old Kao received $320,000 in salary and a $25,000 bonus in 2007. He also got more than $77,000 in other pay.

Kao co-founded Garmin and has served as sole CEO since 2002. Garmin is based in the Cayman Islands but has its operational headquarters in Olathe. Most of its manufacturing is done in Taiwan.

Garmin's board didn't give Kao any annual stock awards in 2007, given his 20 percent stake in the company.

Garmin makes satellite-powered navigational devices for motorists, boaters, airplane pilots and outdoors enthusiasts. It's the top seller of automotive devices in the U.S. and second-highest in Europe.

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