Yes, CEOs are feeling the pain of a struggling economy.
The average compensation package for chief executive officers of Jacksonville-based public companies fell by 23 percent last year, according to data filed by the companies on their proxy statements and annual reports.
Most workers probably aren’t sympathizing. While the packages may have shrunk a bit last year, the 24 Jacksonville CEOs still took home an average of $1.4 million in salary plus other cash bonuses and incentive payments.
When you add in stock awards and other non-cash items, the average value of their compensation packages for 2011 was about $3.1 million.
The chart (inside) breaks down the pay for each CEO who was in place at the end of fiscal 2011 in three categories: salary, which is the base salary in their contracts; bonus and incentives, which reflect additional cash payments received for performance in 2011 or long-term incentive plans; and total compensation, which in addition to salary and cash bonuses includes the estimated value of stock and stock options issued in 2011 and other forms of compensation such as travel allowances.
Nationally, CEOs of top companies received smaller increases in compensation than they had in 2010, but their packages did not drop, according to an analysis released last week by consulting firm Towers Watson.
Towers Watson’s study of proxies filed by 225 Fortune 1000 companies found that the median total compensation for CEOs at those companies rose by 5.6 percent in 2011, after rising by 14.5 percent in 2010.
Doug Friske, global head of executive compensation consulting at Towers Watson, said in a news release that public companies are becoming more sensitive to shareholder concerns about pay packages and are putting more emphasis on pay tied to performance goals.
“Most companies continue to get pay right, which is important, as our research confirms that there are significant negative consequences from standing out from the crowd,” he said.
A look at the Jacksonville companies found a few items that stood out:
• Frank Martire of Fidelity National Information Services Inc. had the biggest drop in compensation (57 percent) last year but continued to have the biggest pay package at $11.1 million. His base salary was unchanged in 2011, but he received less compensation from stock awards, stock options and incentive payments. The company’s top executives received big incentive awards in 2010 related to its merger with Metavante Technologies Inc.
• Jeffrey Parker of ParkerVision Inc. received the biggest percentage increase in compensation at 180 percent, despite the fact that the company did not produce any revenue in 2011. Parker’s base salary actually decreased slightly but his total compensation rose because he received stock options in 2011, after getting none in 2010.
• B. Allen Weinstein of Body Central Corp. also had a big increase, 124 percent, as Body Central went through its first full year as a public company. Weinstein received stock and stock options in 2011 after not receiving any stock awards in 2010.
• Michael Grebe of Interline Brands Inc. stood out in a different way, as his pay package fell 10 percent. According to a footnote in Interline’s proxy, “Upon the request of Mr. Grebe, the compensation committee did not award a discretionary bonus to Mr. Grebe for 2011.”
Fiscal 2011 compensation for CEOs of Jacksonville-based public companies
|Company||CEO||Salary||Bonus andincentives||Total compensation||Change from 2010|
|Atlantic Coast Financial||G. Thomas Frankland||$288,000||$0||$321,250||NM*|
|Body Central||B. Allen Weinstein||$474,577||$742,606||$1,852,532||124%|
|EverBank Financial||Robert Clements||$692,150||$813,969||$1,532,035||-14%|
|Fidelity National Financial||George Scanlon||$600,000||$4,955,625||$8,631,466||NM**|
|Fidelity National Information||Frank Martire||$1,000,000||$2,373,901||$11,106,501||-57%|
|Fortegra Financial||Richard Kahlbaugh||$465,747||$0||$640,715||24%|
|Global Axcess||Lock Ireland||$0||$0||$108,468||NM***|
|Interline Brands||Michael Grebe||$630,000||$290,588||$2,179,199||-10%|
|International Baler||D. Roger Griffin||$121,005||$100,000||$221,005||100%|
|Jacksonville Bancorp||Price Schwenck||$270,000||$0||$279,256||16%|
|Landstar System||Henry Gerkens||$500,000||$2,103,000||$2,634,438||-26%|
|Lender Processing Services||Hugh Harris||$212,667||$0||$5,951,071||NM****|
|Patriot Transportation||Thompson Baker||$395,000||$197,500||$601,710||NM*****|
|PSS World Medical||Gary Corless||$640,000||$439,194||$2,811,909||-2%|
|Regency Centers||Martin Stein||$706,000||$744,000||$3,644,536||2%|
|Stein Mart||Jay Stein||$215,715||$0||$297,750||NM******|
|Web.com Group||David Brown||$560,000||$1,250,000||$3,115,649||34%|
|Winn-Dixie Stores||Peter Lynch||$1,345,300||$1,056,443||$3,742,136||-30%|
NM - not measurable
* Frankland was appointed permanent CEO in May 2011
** Scanlon was appointed CEO in November 2010
*** Ireland was co-interim CEO
**** Harris was appointed CEO in October 2011
***** Baker became CEO at the beginning of fiscal 2011
******Stein was named interim CEO in September 2011