NEW YORK (CNN/Money) - American Express Co. more than doubled the compensation for its chief executive, Kenneth Chenault, even though the slowing economy, high default rates and the Sept. 11 attacks cut the financial services' company's profit in 2001 by more than half, according to a company filing with the Securities and Exchange Commission.

Chenault's $14.1 million compensation included a salary of $1 million in 2001, up from $700,000 the year earlier, a bonus of $2.2 million, and incentive awards of about $10.9 million, according to the report filed Monday.

In the filing, American Express said it did not meet its long-term financial targets in 2001 and, as a result, reduced Chenault's bonus by $700,000 and will cut his salary by 5 percent in 2002.

The increase in Chenault's compensation comes after the company recorded a charge of $1.01 billion before taxes, or $669 million after taxes, in the first half of 2001. In the second half, the company recorded pretax restructuring charges totaling $631 million due to job cuts and a pretax charge of $98 million due to the Sept. 11 attacks.

The company's travel-related services were also hurt by the attacks, as the unit posted a 24 percent drop in earnings for 2001 compared to the year earlier.

Shares of American Express (AXP: Research, Estimates) gained $1.08 Monday to $41.55.