GVHR » Topics » 2008 Base Salary

These excerpts taken from the GVHR 10-K filed Apr 30, 2009.

2009 Base Salary

 

The Committee determined that the 2009 base pay for each named executive officer would remain unchanged from 2008 base pay levels.  This was due to a combination of factors, including the Committee’s goal of ensuring consistency with peer group base pay levels and a reflection of the financial results of the Company as impacted by general economic conditions.  The named executive officers’ base salaries for 2009 are between 21% and 38% of total target pay opportunity.

 

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2009 Base
Salary



 



The Committee
determined that the 2009 base pay for each named executive officer would remain
unchanged from 2008 base pay levels. 
This was due to a combination of factors, including the Committee’s goal
of ensuring consistency with peer group base pay levels and a reflection of the
financial results of the Company as impacted by general economic
conditions.  The named executive officers’
base salaries for 2009 are between 21% and 38% of total target pay opportunity.



 



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This excerpt taken from the GVHR DEF 14A filed Apr 17, 2008.

2008 Base Salary

        The continuing named executive officers' base salaries for 2008 are between 30% and 38% of total target pay. The Committee determined the 2008 base salaries as indicated in this table:


Named Executive Officer
  2007 Base Salary
  2008 Base Salary
  % Change

Garry J. Welsh   $ 450,000   $ 468,000   4.0%

James E. Hardee   $ 385,000   $ 400,000   3.9%

Clifford M. Sladnick   $ 360,000   $ 360,000   0%

Paul E. Benz   $ 325,000   $ 360,000   10.8%

        The adjustments to base salaries for 2008 were a result of the process described above and, for Mr. Benz, also included internal pay considerations. Mr. Sladnick's base salary for 2008 was not adjusted based on his decision to voluntarily resign his position with the Company, effective July 31, 2008 (as previously disclosed on a Form 8-K filed on February 26, 2008).

        Because of Mr. Vonk's departure in October 2007, and given our board's announced intention to appoint Michael Lavington, subject to his obtaining all necessary immigration approvals, to serve as the Company's chief executive officer, the Committee has approved a base salary for Mr. Lavington that will comprise approximately 21% of his total target pay upon being appointed as chief executive officer. Upon his appointment, Mr. Lavington's base salary for 2008 will be $710,000.

This excerpt taken from the GVHR DEF 14A filed Apr 12, 2007.
Base Salary
 
We seek to attract and retain qualified named executive officers, and we feel it is important to offer a competitive base salary to achieve this goal. We typically benchmark new named executive officers against equivalent executive officers in our peer group to set initial base salary levels. Annually thereafter the Committee utilizes Mercer to provide benchmark reviews. Base salary reviews are conducted one time each year, typically in February or March. In its review, the Committee considers the CEO’s recommendations, general contribution at the individual level, Mercer’s benchmark data and the named executive officers’ competencies and skill level, in addition to their individual performance. For 2006, the Committee targeted the CEO’s base salary to comprise about 25% of his total pay mix, while the other named executive officers base salaries are targeted at about 35% of total pay. The Committee determined the 2006 base salaries for its named executive officers as indicated in this table:
 
                         
Named Executive Officer
  2005 Base Salary     2006 Base Salary     % Change  
 
Erik Vonk, Chairman and CEO
  $ 600,000     $ 650,000       8.3 %
Peter C. Grabowski, SVP, National Sales and Field Service Operations/Chief Financial Officer
  $ 260,000     $ 350,000       34.6 %
Clifford M. Sladnick, SVP and Chief Administrative Officer
  $ 345,000     $ 350,000       1.4 %
Michael J. Collins, SVP and Chief Marketing Officer
        $ 292,000        
Paul E. Benz, SVP, Shared Services and Chief Information Officer
        $ 264,000        
Roy C. King, Former President and Chief Operating Officer
  $ 415,000     $ 415,000       0 %
Lisa J. Harris, Former SVP and Chief Technology Officer
  $ 345,000     $ 360,000       4.3 %
Sal J. Uglietta, Former SVP, Benefits and Insurance Programs
  $ 345,000     $ 345,000       0 %
 
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