MOLX » Topics » FY08 Compensation Decisions

This excerpt taken from the MOLX DEF 14A filed Sep 12, 2008.
FY08 Compensation Decisions
As previously noted, the Committee selected year-over-year growth in operating income as the performance measure for the FY08 annual bonus. The Committee approved individual performance goals at the beginning of FY08 for the CEO, and the Committee and the CEO approved performance goals for the other executive officers. The CEO’s individual performance goal areas included: year-over-year improvement in operating performance for each of the divisions; strengthening Molex’s global compliance and ethics program; increased stakeholder contact; talent development and effective succession planning; and revenue growth through acquisitions and strategic alliances.
In August 2008, the Committee and the Co-Chairman of the Board conducted an evaluation of the performance of the CEO, and the Committee and the CEO conducted an evaluation of the performance of the other executive officers during FY08 against pre-established goals. Based upon these evaluations, decisions were made regarding salary increases and annual bonuses. The Named Executive Officers received salary increases ranging from 3.5% to 4% effective September 1, 2008. We did not have any improvement in operating income in FY08 and the executive officers, including the Named Executive Officers, did not receive an annual bonus.
In keeping with our philosophy of aligning management and stockholder interests and considering the future contributions expected of the executive officers, the Committee granted on August 15, 2007, long-term incentive awards to each executive officer. See the “Grants of Plan-Based Awards Table” for the equity granted to the Named Executive Officers in FY08.
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