Apr. 24--Colorado Springs-based companies spent nearly 11 percent more paying their chief executives last year despite a deepening recession, mostly because the two largest firms each paid two CEOs as a result of management changes.

Seven men who held the CEO post for four public companies based in the Springs took home $6.05 million last year in compensation -- including salary, bonus, perquisites and stock awards and options, according to proxies filed with the Securities and Exchange Commission. Public companies must spell out executive pay, benefits and so-called golden parachute severance agreements in proxies, which also include annual stockholders meeting agendas.

Most of the annual meetings are held in Colorado Springs, but local stockholders of Century Casinos Inc. would have had to travel more than 10,000 miles to attend their company's meeting earlier this month in the tiny island nation of Mauritius -- 560 miles east of Madagascar. Not many did other than co-CEO Peter Hoetzinger; most others participated in the 11-minute event by conference call, said Larry Hannappel, Century's senior vice president.

Westmoreland Coal Co. spent the most on its CEOs -- nearly $2 million -- because Delbert Lobb replaced Keith Alessi in April 2008, but only stuck around until January when he returned to an executive post with his previous employer. Lobb was paid nearly $1 million, while Alessi pulled down nearly $900,000 that included serving as non-executive chairman. The combined CEO costs are 71.6 percent more than the $1.1 million Westmoreland paid Alessi in 2007.

Spectranetics Corp. also paid two CEOs last year -- Emile Geisenheimer replaced John Schulte in October, a month after investigators from two federal agencies executed search warrants as part of a probe into the marketing of the company's lasers and parts used in them. The $536,658 Geisenheimer and Schulte together made last year was still down 11 percent from the $603,099 Schulte took home in 2007 and the least spent by any local public company.

Century has employed two CEOs for four years, and both got raises last year -- Hoetzinger's compensation increased 12.8 percent to $1.15 million and Erwin Haitzmann's compensation rose 10.9 percent to $1.17 million.

Ramtron International Corp. CEO William Staunton took the biggest pay cut -- 22.8 percent as a result of not earning stock awards due to failing to meet profit targets -- but was still the highest paid at $1.31 million.