SPX Corp. awarded CEO Eugene Lowe $4.1 million in total compensation for 2016, about 6 percent less than he got in 2015 following the spin-off of SPX Flow.

Lowe became CEO of the power company after the two companies split in September 2015. Previously, he served as president of SPX’s thermal equipment and services business. With this promotion, his base salary increased from $511,692 to $786,625.

For 2016, Lowe received more than $1.8 million in stock awards and $654,472 in cash incentives.

Lowe and other executives earned more in total compensation for 2015 because SPX executives received a large option award following the successful separation from SPX Flow. In 2015, Lowe’s options totaled $1.6 million, more than double the $768,237 he earned in 2016.

Scott Sproule, vice president and chief financial officer and treasurer, also earned less for the year due to the 2015 award.

Sproule earned a base salary of $416,150 after a 1.5 percent raise effective March 2016. Combined with $867,366 from an executive bonus and options, Sproule’s total compensation for 2016 was $1.3 million compared to $1.9 million in 2015.

The company’s proxy statement filed March 27 stated the company will focus on growth opportunities in the coming years. In its Investor Day presentation, SPX executives said it looking to make acquisitions for its HVAC and Detection & Measurement operations.

SPX is expected to release its earnings on May 3. Analysts predict earnings of 28 cents per share and $318.85 million in revenues, about an 18 percent decline.

SPX will hold its annual meeting May 8 at 8 a.m. at the SPX Building, 13320 Ballantyne Corporate Place, in Charlotte.

SPX’s shares fell 18 cents, or 0.77 percent, to $23.17 in Monday afternoon trading.

The proxy filing can be found here.