Other top directors saw similar steep falls in pay and a freeze on bonuses, fulfilling a pay-cut pledge made a year ago when Cat started layoffs and other cost-cutting measures.
Owens’ incentive pay fell 80 percent, from £2.8m to £562,000. His base salary remained at £1m.
Owens’ total package, which includes share options and deferred compensation, fell from £11.5m in 2008 to an estimated £5.7m last year, according to papers filed with the U.S. Securities and Exchange Commission.
Caterpillar officials had said executive compensation would be cut up to 50 percent in 2009, and merit pay increases were suspended for managers and support staff.
The company slashed 19,000 full-time jobs worldwide and signed off about 18,000 contract and part time workers last year as customers stopped buying equipment and rode out the recession with the inventory on hand.
Cat saw a large drop in profits in 2009 as sales fell from £32bn to about £21bn.