CNI Survey: Wellman boosts '02 exec bonus award 75%

01 May 2003 00:11  [Source: ICIS news]

HOUSTON (CNI)--Polyester producer Wellman increased the bonus payout to its five top executives by 75% for 2002, a year that saw the company post a net loss of $194m (Euro175m), a CNI survey showed Wednesday.

But that loss occurred after deducting a $197m charge for an accounting change. Excluding the charge, the Shrewsbury, New Jersey-based company reported a 97% increase in net earnings from continuing operations.

For the year ended 31 December, Wellman awarded a combined total of $1.02m in bonuses to its top five executives with 36% to Thomas Duff as chairman and chief executive officer, according to CNI's review of the company's amended annual report filed Wednesday with the US Securities and Exchange Commission (SEC).

The higher bonuses boosted total basic compensation of salary and bonuses to $2.9m for the year, up 18% from the total for 2001, according to CNI's calculations.

In its report to the SEC, Wellman's compensation committee said it awarded the bonuses based on the executives' performances for 2002.

Here's a chart comparing the salary and bonus awards to Wellman's top five executives during the last two years, as reported to the SEC and compiled by CNI:

Executive and Title	Years	Salary	Bonus
Thomas Duff Chairman and CEO	2002 2001	720 000 720 000	369 000 200 043
Cliff Christenson President and COO	2002 2001	435 000 431 250	243 000 149 702
John Hobson VP - Fibres	2002 2001	275 000 273 750	141 000 51 762
Keith Phillips CFO	2002 2001	265 000 261 250	167 000 107 658
Joseph Tucker VP - Development	2002 2001	237 000 234 500	102 000 75 676

By: Gary Taylor
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