Executive compensation and the concentration of wealth
Title:B&D CEO's big pay isn't unusual -- nor is critics' ire
Date: March 21, 2004
From the article:
- At Towson-based power tool giant Black & Decker, president and CEO Nolan D. Archibald's salary rose 8 percent in 2003 --to $1.375 million -- while his bonus stayed flat at $2.75 million. He also received an additional $7.28 million for the company's three-year performance, and options for 300,000 shares of stock.
- At troubled Allegheny Energy (www. alleghenyenergy.com), CEO Paul J. Evanson made $467,308 in salary and $787,500 in bonus in his first six months on the job. He received a $6.3 million 'make-whole' payment for joining the company, which included moving expenses.
Former CEO Alan J. Noia, who retired May 1, made $255,385 in salary last year. Additionally, his severance package provided for a stipend of $133,000 a month for 30 months, or nearly $4 million.
- "For the fourth quarter of 2003, Allegheny reported a consolidated net loss of $13.7 million, or $0.11 per share, compared to a consolidated net loss of $281.8 million, or $2.23 per share, for the fourth quarter of 2002. For the year ended 2003, Allegheny reported a consolidated net loss of $355.0 million, or $2.80 per share, compared to a consolidated net loss of $632.7 million, or $5.04 per share, for the same period in 2002.