CNI Survey: Schulman doubles '02 exec bonus package

08 November 2002 15:44  [Source: ICIS news]

HOUSTON (CNI)--High performance plastics and resins producer A Schulman doubled its bonus payout to the company's top five executives for 2002, awarding a total of $771 000 (Euro763 366) CNI learned Friday from a review of company documents.

The award comes for a fiscal year when the company reported a 150% improvement in net income to $32m despite flat sales. The 2002 fiscal year ended 31 August for the Akron, Ohio-based company.

In its report to the US Securities and Exchange Commission (SEC), Schulman's compensation committee said it based its bonus awards half on the company's financial performance for the year and half on individual incentives.

The $771 000 total compares with a bonus award of $339 000 for the 2001 fiscal year to the same five executives, according to CNI's calculations.

Altogether in salary and bonus for 2002, the company paid those five executives a combined total of $2.1m, up 38% from the salary and bonus total of $1.6m paid for 2001.

Terry Haines, the company's president and chief executive, saw his bonus increase by 188% to $363 250, giving him a total basic compensation package of $888 250 for 2002. That total compares with $546 000 in salary and bonus awarded for 2001.

Robert Stefanko, Schulman's chairman and chief financial officer, received a 142% boost in bonus to $258 750 and a total basic compensation package of $633 750 for 2002.

Here's a chart comparing the salary and bonus payments in the last two fiscal years for Schulman's five highest paid executives as reported to the SEC and compiled by CNI:

Executive and Title	Years	Salary	Bonus
Terry Haines President and CEO	2002 2001	525 000 420 000	363 250 126 000
Robert Stefanko Chairman - CFO	2002 2001	375 000 355 000	258 750 107 000
Ron Andres VP-Manufacturing	2002 2001	155 000 135 000	55 000 34 000
John Myles VP - Purchasing	2002 2001	162 500 156 000	48 000 38 000
Alain Adam VP - Automotive	2002 2001	153 000 146 800	46 000 34 000

By: Gary Taylor
+1 713 525 2653

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