- 2014 - May - 1st -

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

  • Paul Boynton, Rayonier, $5,664,557

  • David Brown, Web.com, $5,199,102

  • Henry Gerkens, Landstar System, $6,655,121

  • Frank Martire, Fidelity National Information, $14,144,081

  • Raymond Quirk, Fidelity National Financial, $7,197,532

  • Michael Ward, CSX, $12,444,632

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.

Company CEO Salary Bonus & incentives Total compensation Change from 2012 2012 compensation
Atlantic Coast Financial John Stephens* $70,599 $0 $74,625 NM NA
Body Central Brian Woolf** $640,384 $0 $3,292,905 NM NA
CSX Michael Ward $1,164,855 $2,000,000 $12,444,632 54% $8,090,122
EverBank Financial Robert Clements $750,000 $921,667 $2,790,197 -7% $3,001,913
Fidelity National Financial Raymond Quirk $740,000 $2,220,000 $7,197,532 7% $6,745,889
Fidelity National Information Frank Martire $1,000,000 $3,729,313 $14,144,081 12% $12,662,094
Florida East Coast Holdings James Hertwig $400,000 $700,000 $1,340,976 11% $1,206,809
Fortegra Financial Richard Kahlbaugh $500,000 $280,000 $797,836 9% $731,063
Interline Brands Michael Grebe $695,000 $203,288 $916,476 -92% $11,239,902
International Baler Roger Griffin $130,000 $100,000 $230,000 -18% $280,000
Jacksonville Bancorp Kendall Spencer*** $14,719 $0 $28,192 NM NA
Landstar System Henry Gerkens $575,000 $535,000 $6,655,121 208% $2,159,263
ParkerVision Jeffrey Parker $325,000 $390,000 $889,000 -68% $2,757,666
Patriot Transportation Thompson Baker $395,000 $395,000 $1,017,297 30% $780,381
Rayonier Paul Boynton $793,750 $1,200,000 $5,664,557 -1% $5,703,372
Regency Centers Martin Stein $745,000 $1,231,250 $4,573,053 9% $4,208,316
Stein Mart Jay Stein $283,548 $364,813 $687,393 -53% $1,474,539
Web.com Group David Brown $560,000 $771,400 $5,199,102 56% $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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