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Core-Mark Holding Company (CORE)
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CORE » Topics » Factors That Shape Executive Compensation at Core-Mark

This excerpt taken from the CORE DEF 14A filed Apr 18, 2006.

Factors That Shape Executive Compensation at Core-Mark

The Committee’s approach to compensation is reflective of the following key factors:

 

  •   Decentralized Management Philosophy – Divisions of Core-Mark are stand-alone businesses and require empowered, capable, local management expertise to operate effectively.

 

  •   Low Margin Business – The business is not predicated on creating wealth through research and development opportunities, e.g. the manufacturing business. Rather, the success of the business is predicated on service, execution, and intense focus on efficiency and cost control. The Company: deploys technology which is, for the most part, commercially available (albeit deployed in proprietary ways); sells products which are generally not unique or proprietary; and does business in a mature marketplace with substantial competition.

 

  •   Sales and Marketing Emphasis – At the center of Core-Mark’s approach to the business is the importance of sales and marketing, even though an outsider may see the Company as a logistics operation. Incentives play a key role here.

 

  •   People Do Make The Difference – It is primarily through the dedication, creativity, competence and experience of the entire workforce that enables the Company to compete, given the realities of the industry in which it operates. History has shown that it is a business which is not easily nor quickly mastered by people attempting to migrate from other industries.

 

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