CNI Survey: Wellman cuts '00 exec bonus package by 57%

20 April 2001 21:37  [Source: ICIS news]

HOUSTON (CNI)--Polyester manufacturer Wellman lowered the 2000 bonus package for its five top executives by 57% citing only the performance of the individuals as a factor in the annual proxy report filed Friday with the US Securities and Exchange Commission (SEC).

A review of that report by CNI shows that Wellman authorised a total bonus package of $469 299 (Euro521 443) for those five executives in 2000 compared with a package of $1.1m for 1999.

In 2000 Wellman reported a major increase in operating income to $54.9m on a 19% boost in sales to $1.12bn, driven by higher polyethylene terephthalate (PET) volume and margins.

Altogether, those five executives collected a package of $2.3m in basic compensation of salary and bonuses - down 21% from the $2.9m paid in 1999.

Here's a chart comparing the basic compensation for Wellman's top five executives in the last two year as reported to the SEC and compiled by CNI:

Executive and Title	Years	Salary	Bonus
Thomas Duff Chairman and CEO	2000 1999	720 000 715 000	154 160 445 693
Cliff Christenson President and COO	2000 1999	413 125 389 375	83 179 243 925
John Hobson VP - Fibres	2000 1999	270 000 253 958	82 251 165 416
Keith Phillips CFO	2000 1999	244 375 225 625	76 082 122 447
Joseph Tucker VP - Development	2000 1999	224 625 215 625	73 627 113 688

 

 

By: Gary Taylor
+1 713 525 2653

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