Furniture Brands executives take pay cuts after missing earnings goals - 2012-03-30 14:12:48 | Furniture Today
Jay McIntosh -- Furniture Today, March 30, 2012
ST. LOUIS — Furniture Brands International executives took pay cuts last year as the company missed its earnings targets and made no incentive payments, the manufacturer and importer disclosed in its proxy statement.
Chairman and CEO Ralph Scozzafava earned total compensation of $1.8 million, including about $1 million in stock and option awards. That was down from $6.6 million in compensation in 2010, including a $4 million incentive plan payment.
"Since the threshold corporate net earnings goal for 2011 was not met, executives did not receive any payments under the 2011 plan for achievement of financial goals," the company said in the proxy statement, filed with the Securities and Exchange Commission. Furniture Brands posted a loss of $43.8 million last year as sales declined 4.5% to $1.1 billion.
Scozzafava's base salary remained unchanged last year at $750,000, the company said. His compensation also included $63,457 for personal use of a company airplane and $3,450 for an "executive physical."
Other executives whose compensation was listed in the proxy statement included:
• Steven Rolls, chief financial officer, with total compensation of $915,474 in 2011, down from $1.8 million in 2010. His 2011 pay included $88,515 for relocation to St. Louis.
• Jon Botsford, senior vice president, general counsel and secretary, at $517,450 last year, down from $1.1 million the previous year.
• Raymond Johnson, senior vice president, global supply chain, $701,461 in 2011, down from $863,581 in 2010.
• Edward Teplitz, president of Thomasville and Drexel Heritage, $618,243 last year, down from $1.3 million in 2010. |
