WCC » Topics » Base Salaries

This excerpt taken from the WCC DEF 14A filed Apr 17, 2009.
Base Salaries
 
Base salaries are intended to provide our NEOs with a level of competitive cash compensation that is critical for retention and appropriate given their accomplishments and position and responsibilities with the Company. Salaries for executives are reviewed annually. The Committee reviews detailed individual salary history for approximately the 25 highest paid executive officers and compares their base salaries to salaries for comparable positions at companies within our peer group. Hewitt provides market data as a means to assess external compensation practices and trends for companies in our peer group. From time to time (and not necessarily on an annual basis), the Committee adjusts base salaries for executive officers to reflect performance, changes in job scope, and competitive pay practices of companies in our peer group based on the 50th percentile of base salaries for comparable positions in Hewitt’s peer group analyses.
 
Mr. Haley, the Chief Executive Officer, makes base salary recommendations to the Committee for all of the NEOs, excluding himself. In determining adjustments to base salaries, the Committee considers Company performance, prevailing economic conditions, base salaries of recent additions to management, performance assessments, changes in duties and responsibilities, comparable salary practices of companies within our peer group, the recommendation of Mr. Haley (in the case of the other NEOs) and any other factors the Committee deems relevant.
 
As reported in our 2008 Proxy Statement, the Committee recommended, and the Board approved, an increase in base salaries (effective February 1, 2008) for Messrs. Haley, Engel and Van Oss to an annualized rate of $865,000, $535,000, and $535,000. No additional changes have been made to their base salaries to date. During 2008, no changes were made to the base salaries for Messrs. Van and Bergdoll, who were paid at an annual rate of $237,500 and $250,000, respectively. The Committee and Board believe these levels appropriately recognize the responsibilities and performance of our NEOs.
 
This excerpt taken from the WCC DEF 14A filed Apr 24, 2008.
Base Salaries
 
Salaries for executives are reviewed annually, taking into account factors such as overall Company performance in relation to competition and industry circumstances, changes in duties and responsibilities, and strategic and operational accomplishments. Mr. Haley, the Chief Executive Officer, makes base salary recommendations to the Compensation Committee for all of the named executive officers, excluding himself.


14


Table of Contents

The Compensation Committee reviews individual salary history for approximately the 25 highest paid executive officers and compares their base salaries to salaries for comparable positions at companies within our peer group. The Compensation Committee’s consultant, Hewitt Associates, provides market data as a means to assess external compensation practices. Compensation trends for companies in our peer group are considered in the determination of overall compensation for our executives. From time to time (and not necessarily on an annual basis), the Committee adjusts base salaries for executive officers and to reflect competitive pay practices of companies in our peer group based on studies by Hewitt.
 
In determining increases to base salaries, the Compensation Committee considers the recommendation of Mr. Haley, Company performance, prevailing economic conditions, requirements for hiring recent additions to management and comparable salary practices of companies within our peer group.
 
During 2007, the Compensation Committee recommended and the Board approved a 5.5% increase for Mr. Goodwin as a market adjustment, to recognize his 2006 performance and to maintain internal equity with other Company executives having comparable responsibilities. No base salary increases were recommended for Messrs. Haley, Engel, Van Oss or Riordan in 2007. In 2008, the Compensation Committee recommended, and the Board approved, an 8% increase for Messrs. Haley, Engel and Van Oss to an annualized rate of $865,000, $535,000 and $535,000, respectively. The last increases for Messrs. Haley, Engel and Van Oss were made in 2006. The annual rate of increase over the past two years is approximately 5%. The Committee and Board believe this level of increase is appropriate to recognize the sustained record-setting performance that has been achieved. Additionally, each of Messrs. Haley, Engel and Van Oss have new salary levels that are below median level for comparable executives in Hewitt’s peer company analysis. The Committee also recommended, and the Board approved, a 5.7% increase for Mr. Riordan. Mr. Goodwin plans to retire in 2008, therefore, no increase was provided.
 
Base Salaries
 
Salaries for executives are reviewed annually, taking into account factors such as overall Company performance in relation to competition and industry circumstances, changes in duties and responsibilities, strategic and operational accomplishments, and individual performance. Mr. Haley, the Chief Executive Officer, makes base salary recommendations to the Compensation Committee for all of the named executive officers, excluding himself.
 
The Compensation Committee reviews individual salary history for approximately the 25 highest paid executive officers and compares their base salaries to survey data from one or more current consultant studies. Compensation consultant studies provide market data which is evaluated as a means to understand external compensation practices. Compensation trends for companies in the consultant’s peer company comparisons and other companies with attributes similar to our Company are considered in the determination of overall compensation for our executives. From time to time (and not necessarily on an annual basis), the Committee adjusts base salaries for executive officers based on performance, and if appropriate, to reflect competitive pay practices of companies in our peer group based on studies by Hewitt Associates, LLC (referred to as Hewitt), a national executive compensation consulting firm retained by the Compensation Committee for input on executive compensation matters.
 
In determining increases to base salaries, the Compensation Committee considers the recommendation of Mr. Haley, Company performance, prevailing economic conditions, surveys of competitive companies, requirements for hiring recent additions to management, comparable salary practices of companies within our peer group, and information provided by Hewitt. The Compensation Committee has retained Hewitt in the past as a means for gathering market data, preparing compensation plan reviews, as well as, identifying general trends and practices in executive compensation programs. The Compensation Committee requests that Hewitt gather pertinent compensation data from public, private and foreign-owned peer companies. Hewitt has also made recommendations with respect to Director compensation matters.
 
During 2006, the Compensation Committee recommended and the Board approved an increase in Mr. Haley’s base salary of $100,000, or 14.3%, to an annualized rate of $800,000 to recognize the superior performance of the Company in 2005 and 2006. Messrs. Engel and Van Oss each received a 10% increase, and Mr. Thimjon a 6% increase, each in accordance with their salary histories, individual performances and competitive position of their respective salaries. Mr. Goodwin received a 5.5% increase in early 2007, but no increase in base salary during 2006.
 


16


Table of Contents

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