GBX » Topics » Base Salary

This excerpt taken from the GBX DEF 14A filed Nov 24, 2009.
Base Salary
 
Base salaries are determined for each executive based on his or her position and responsibilities relative to other executive officers and are, in some cases, determined pursuant to negotiated employment agreements. We regularly monitor competitive compensation rates in local and industry-specific markets, and take that information into account in setting and reviewing base salaries. Salary levels are typically reviewed annually as part of the Company’s performance review process as well as upon an executive’s promotion or other change in responsibility. Merit-based increases to salaries are based on an assessment of the individual executive’s performance.
 
Due to depressed macroeconomic conditions and continued softness in the railroad supply market, in March 2009, the Company implemented certain cost-cutting measures, including reduction in base salaries for the Company’s executive officers. The salaries of the Company’s executive officers were reduced by a larger percentage than salaries of other Company employees. Notwithstanding the fact named executive officers had formal employment agreements with the Company, each of the Company’s named executive officers agreed to amend such agreements to implement a voluntary reduction to his annual salary during 2009. Mr. Furman agreed to a 50% base salary reduction and each of Messrs. Bisson, Centurion, Rittenbaum and Stuckey agreed to a 12.5% base salary reduction.
 
This excerpt taken from the GBX DEF 14A filed Nov 25, 2008.
Base Salary
 
Base salaries are determined for each executive based on his or her position and responsibilities relative to other executive officers and are, in some cases, determined pursuant to negotiated employment agreements. We regularly monitor competitive compensation rates in local and industry-specific markets, and take that information into account in setting and reviewing base salaries. Salary levels are typically reviewed annually as part of the Company’s performance review process as well as upon an executive’s promotion or other change in responsibility. Merit-based increases to salaries are based on an assessment of the individual executive’s performance.
 
This excerpt taken from the GBX DEF 14A filed Nov 27, 2007.
Base Salary
 
Base salaries are determined for each executive based on his position and responsibilities relative to other executive officers and are, in some cases, determined pursuant to negotiated employment agreements. We regularly monitor competitive compensation rates in local and industry-specific markets, and take that information into account in setting and reviewing base salaries. Salary levels are typically reviewed annually as part of the Company’s performance review process as well as upon a promotion or other change in responsibility. Merit based increases to salaries are based on an assessment of the individual executive’s performance.
 
This excerpt taken from the GBX DEF 14A filed Nov 21, 2006.
Base salary
 
Base salaries are normally set after review of market data for similar positions, and are reviewed approximately annually.
 
The compensation of the Company’s President and Chief Executive Officer William A. Furman is determined pursuant to the terms and conditions of an employment agreement between Mr. Furman and the Company, entered into effective September 1, 2004. Pursuant to the terms of his employment agreement, during the first eight months of fiscal 2006 Mr. Furman received an annual base salary of $550,000. The Compensation Committee increased Mr. Furman’s annual base salary from $550,000 to $625,000 effective May 1, 2006.
 
The compensation of named executive officers Robin J. Bisson, Senior Vice President of Marketing and Sales, and Mark J. Rittenbaum, Senior Vice President and Treasurer, also is determined pursuant to the employment agreements entered into with those officers on May 11, 2006 and April 7, 2006, respectively. Mr. Bisson’s employment agreement provides for a base salary of $250,000 per year, and Mr. Rittenbaum’s employment agreement provides for a base salary of $235,000 per year, in each case as adjusted annually by the Chief Executive Officer.


11


 

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki