Total compensation for Erik Olsson, president and CEO of RSC Holdings, dropped for the third year in a row, the Phoenix Business Journal reported last week. Olsson totaled $1.43 million in total pay, down from $1.8 million in 2007 and $2.64 million in 2006, when his bonus totaled $1.65 million.

Olsson’s 2008 pay package includes $550,000 in base salary — unchanged from 2007 — a $206,250 performance bonus compared to no bonus in 2007; $646,929 in stock options; and $22,374 in other compensation including a car allowance, life insurance, 401 (k) money and financial planning aid.

RSC Equipment Rental posted revenue of $1.57 billion for 2008, a slight increase compared with $1.54 billion in 2007. Net income was $122 million compared with $123 million in 2007. Olsson owns less than 1 percent of RSC shares.

RSC Equipment Rental is No. 2 on the RER 100.