MOLX » Topics » FY09 Compensation Decisions and Results

This excerpt taken from the MOLX DEF 14A filed Sep 10, 2009.
FY09 Compensation Decisions and Results
 
At the beginning of FY09, the Committee selected year-over-year growth in incremental operating income as the performance measure for the FY09 annual cash incentive. At the same time, the Committee approved individual performance goals for the CEO, and the Committee and the CEO approved performance goals for the other executive officers. The CEO’s individual performance goal areas for FY09 included year-over-year improvement in operating results focusing on cost savings and gross margins, meeting project milestones, increased interaction with all stakeholder groups, including employees, customers and stockholders, talent development and effective succession planning, and revenue growth through acquisitions, strategic alliances and new initiatives. The individual performance goal areas for the other executives related to financial, operational and business achievements. Also in August 2008, the Committee approved salary increases for the NEOs for FY09 ranging from 2.5% to 5.8% effective September 1, 2008, based on an evaluation of the performance of the CEO by the Committee and the Co-Chairmen, and an evaluation of the other executive officers by the Committee and the CEO. In response to the business downturn caused by the global economic recession, we reduced salaries and benefits globally in February 2009. Our CEO and COO each took a 20% pay reduction and all other executive officers took a 10% pay reduction. We plan to reinstate salaries effective October 1, 2009, but will not consider merit increases until October 2010. See the “Summary Compensation Table.”
 
In August 2009, the Committee and the Co-Chairman, Frederick A. Krehbiel, 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 FY09 against pre-established Company and individual goals. Because the operating income goals were not met, annual cash incentives were not earned by our executive officers.
 
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