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David Brown,, $5,199,102
Jax Daily Record Thursday, May. 1, 2014 3 years ago

Top CEO pay for Jacksonville-based public companies more than $14 million

by: Mark Basch  Contributing Writer

Not surprisingly, the chief executives of Jacksonville’s three Fortune 500 companies had the three highest 2013 compensation packages among CEOs of Jacksonville-based public companies.

Frank Martire of Fidelity National Information Services Inc. had the highest package at $14.1 million, which includes salary, cash incentive payments and the estimated value of stock and option awards.

Michael Ward of CSX Corp. was next at $12.4 million, followed by Raymond Quirk of Fidelity National Financial Inc. at $7.2 million.

Quirk was promoted to CEO on Dec. 7 after his predecessor, George Scanlon, left the company. Scanlon’s compensation package totaled $12.9 million last year.

However, that wasn’t the highest pay awarded to a Fidelity executive. Chairman Bill Foley received almost $51 million, which included $40.7 million in payments under annual and long-term incentive plans.

The information on executive pay packages comes from the proxy statements and other Securities and Exchange Commission filings by Jacksonville-based companies since the end of the fiscal year.

In addition to the companies with publicly traded stocks, the accompanying chart also has information for the CEOs of two Jacksonville-based companies that have publicly traded bonds and file regular SEC reports, Florida East Coast Holdings Corp. and Interline Brands Inc.

The chart shows the annual salary each CEO received and the total of other cash bonuses or incentive payments. The total compensation includes the estimated value of stock and stock option awards and other non-cash benefits they may have received.

The change represents the increase or decrease in total compensation package for each executive last year. The three CEOs with “not measurable” changes all joined their companies during 2013.

Of the 15 CEOs who have been in place for the last two years, nine saw their pay packages rise past year. The biggest increase was for Landstar System Inc. CEO Henry Gerkens, whose pay package tripled in value because of shares of stock he was awarded in 2013, after receiving no stock awards in 2012.

The biggest drop was the 92 percent decline for Interline CEO Michael Grebe, but that was only because of large payments he received in 2012 when Interline was bought out by two private equity firms.

The overall net pay of all 15 CEOs combined was basically unchanged from last year. That’s in line with an annual survey of CEO pay by consulting firm Towers Watson, which found that the total compensation packages for 430 large company CEOs rose by just 0.5 percent in 2013 after rising by 5.7 percent in 2012.

Towers Watson said that the smaller 2013 increase was attributed to “sharply lower pension values.” Excluding the impact of pension values, total CEO pay would have risen by 4.3 percent last year, it said.

CompanyCEOSalaryBonus & incentivesTotal compensationChange from 20122012 compensation
Atlantic Coast FinancialJohn Stephens*$70,599$0$74,625NMNA
Body CentralBrian Woolf**$640,384$0$3,292,905NMNA
CSXMichael Ward$1,164,855$2,000,000$12,444,63254%$8,090,122
EverBank FinancialRobert Clements$750,000$921,667$2,790,197-7%$3,001,913
Fidelity National FinancialRaymond Quirk$740,000$2,220,000$7,197,5327%$6,745,889
Fidelity National InformationFrank Martire$1,000,000$3,729,313$14,144,08112%$12,662,094
Florida East Coast HoldingsJames Hertwig$400,000$700,000$1,340,97611%$1,206,809
Fortegra FinancialRichard Kahlbaugh$500,000$280,000$797,8369%$731,063
Interline BrandsMichael Grebe$695,000$203,288$916,476-92%$11,239,902
International BalerRoger Griffin$130,000$100,000$230,000-18%$280,000
Jacksonville BancorpKendall Spencer***$14,719$0$28,192NMNA
Landstar SystemHenry Gerkens$575,000$535,000$6,655,121208%$2,159,263
ParkerVisionJeffrey Parker$325,000$390,000$889,000-68%$2,757,666
Patriot TransportationThompson Baker$395,000$395,000$1,017,29730%$780,381
RayonierPaul Boynton$793,750$1,200,000$5,664,557-1%$5,703,372
Regency CentersMartin Stein$745,000$1,231,250$4,573,0539%$4,208,316
Stein MartJay Stein$283,548$364,813$687,393-53%$1,474,539 GroupDavid Brown$560,000$771,400$5,199,10256%$3,334,427

NM –– not measurable; NA –– not available

* joined company in September 2013

** joined company in February 2013

*** joined company in December 2013

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