US Hexion to give two exec bonuses despite lower earnings

20 April 2009 21:59  [Source: ICIS news]

HOUSTON (ICIS news)--Despite an expected 82-94% reduction in first-quarter income and approximately $1bn (€770m) in costs from its failed merger with Huntsman, Hexion Specialty Chemicals awarded bonuses to two top executives, the US producer said on Monday in a regulatory filing.

Joseph Bevilaqua, executive vice president and president of the epoxy and phenolic division, received a $98,000 bonus, according to a filing with the US Securities and Exchange Commission (SEC).  

Judith Sonnett, executive vice president of human resources, was awarded a $75,000 bonus.

Hexion did not immediately respond to requests for comment.

Recently, some chemical companies – including Dow Chemical – have announced that executives would not receive bonuses due to profit declines amid the global recession.

($1 = €0.77)

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By: Ben DuBose
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