CNI Survey: Wellman boosts '01 exec bonus package 25%

22 April 2002 17:11  [Source: ICIS news]

HOUSTON (CNI)--Polyester and fibres producer Wellman raised the bonus payout to its top five executives by 25% for 2001, a year when the company posted a 74% decline in net income with a fourth quarter loss, a CNI survey of company documents showed Monday.

The Shrewsbury, New Jersey-based company increased the bonus package to $584 841 (Euro657 125) from $469 299 in 2000 to the same executives, according to CNI's calculations from information in Wellman's report to the US Securities and Exchange Commission (SEC).

As a result, the basic compensation package of salary and bonuses for Wellman's top five rose 7% to $2.5m from the $2.3m paid for 2000.

In its report to the SEC, the company's compensation committee said it awards bonuses based on the achievement of a variety of targets established for the year, including strategic objectives as well as financial targets.

For 2001, the company awarded a bonus of $200 043 to its chairman and chief executive, Thomas Duff, notching an increase from the $154 160 awarded for 2000. Including his salary of $720 000, Duff received a total of $920 043 in basic compensation for 2001, according to CNI's calculations from the SEC report.

Wellman's compensation committee told the SEC it awarded 30% to Duff for achievement of strategic objectives and 70% for financial targets.

Here's a chart comparing the salary and bonus payments to each of Wellman's top five executives for the last two years as reported to the SEC and compiled by CNI:

Executive and Title	Years	Salary	Bonus
Thomas Duff Chairman and CEO	2001 2000	720 000 720 000	200 043 154 160
Cliff Christenson President and COO	2001 2000	431 250 413 125	149 702 83 179
John Hobson VP - Fibres	2001 2000	273 750 270 000	51 762 82 251
Keith Phillips CFO	2001 2000	261 250 244 375	107 658 76 082
Joseph Tucker VP - Development	2001 2000	234 500 224 625	75 676 73 627

 

 

By: Gary Taylor
+1 713 525 2653

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