Executive compensation
Database: Search executive compensation
Our searchable database of CEO pay in 2007 and 2008 is compiled from Securities and Exchange Commission filings made by Baltimore-area public companies. Included are all companies that paid their chief executives at least $1 million. Along with the company performance measures of stock price and net income, you'll see total compensation and many of the categories that make up that figure. An "all other compensation" category is not listed separately but is included in the total.
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CEO compensation -- and the companies' take on it
NOTE: 2008 and 2007 data are for the company fiscal years that most closely match those calendar years. For some companies, "2008" actually ended in early 2009. The time periods for companies' net income and stock price match their fiscal years.
| CEO | Company | Total compensation 2008 | Change in total compensation, 07-08 | Change in company stock price, 07-08 | What the company had to say about pay |
|---|---|---|---|---|---|
| Mayo A. Shattuck III | Constellation Energy Group | $15,731,006 | 13% | -76% | Constellation says the increase from a year earlier is due largely to changes in the accounting value of the CEO's pension. It also notes that Shattuck's compensation this year is $7.8 million, half of what it was last year. Spokesman Rob Gould said: "The company's performance was down in 2008, and our CEO's compensation reflected that, declining sharply with no annual raise, no bonus, and the same applied to nearly all our senior leaders. Our progressive pay-for-performance policy holds executive leadership accountable in years when performance is below expectations, and clearly the company's managers, including our CEO, were held accountable this year. Our compensation plans are in full accordance with the principles endorsed by compensation consultants and the Obama administration. Pay is based on enduring, long-term results that are fully aligned with shareholder interests." |
| Nolan D. Archibald | Black & Decker Corp. | $13,653,766 | 23% | -40% | Black & Decker says it believes a more precise number for total compensation is $12.1 million in 2008 and $12.5 million in 2007, calculating option value at the time of the grant and payouts on long-term incentives. Spokesman Roger Young said: "We actually hit our target that we had set at the beginning of the year in terms of earnings per share. And that number is approved by the board, taking into account the environment we're in. Yes, profitability is down, but they recognized that it was a very difficult environment for the construction industry and therefore our products. Arguably it got even harder than anyone would have envisioned. ... Absolutely all our executives' net worth has dramatically been impacted by the decline in stock price. A lot of our options went from having intrinsic value to being underwater in 2008. There's a decent chance that some of them will expire worthless." |
| A.L. "Tom" Giannopoulos | MICROS Systems Inc. | $6,925,848 | 81% | 12% | CEO A.L. "Tom" Giannopoulos says the increase in his total compensation is driven in part because he received stock options in 2008 but gave the options he was due in 2007 to other employees. "The company had a great 2008 vs. 2007," he added. "We met all of our objectives." |
| Mark R. Fetting | Legg Mason Inc. | $6,552,019 | 39% | -72% | Legg Mason says its CEO's compensation would be valued at $3.5 million in the last fiscal year, a drop of 29 percent, when including only those incentives granted in that fiscal year. It said his incentive award dropped 50 percent. Spokeswoman Mary Athridge said in a statement: "Approximately 41% of Mr. Fetting's total compensation for fiscal year 2009 was paid in cash, and the remainder was paid in long-term equity incentive awards (stock options and restricted stock). We believe this aligns his interests with that of shareholder interests and provides long term incentive to manage the business." |
| Jack B. Dunn IV | FTI Consulting Inc. | $6,192,047 | 4% | -28% | FTI Consulting declined to comment. In its proxy statement, it told shareholders: "Although the company faired well in light of the economy, the Compensation Committee used its discretion and reduced the 2008 maximum target bonus ... by approximately 10% primarily due to the global economic downturn that negatively impacted our quarterly revenues and EPS for the third and fourth quarters of 2008 and EPS for the full year." |
| Alan D. Wilson | McCormick & Co. | $5,991,909 | 199% | -22% | McCormick declined to comment. In its proxy statement, it told shareholders: "Currently, we are in the second year of the FY2008-2010 three-year performance cycle. If the established performance targets for the performance cycle are achieved, the related cash awards will be paid in December 2010. In addition, in December 2008, the Compensation Committee approved the payment of cash awards to plan participants based on the achievement of performance targets for the FY2006-2008 performance cycle." |
| A.E. Festa | W.R. Grace & Co. | $5,579,588 | -5% | -77% | In its proxy statement, W.R. Grace said: "We believe the CEO's compensation should be substantially higher than the compensation of other executive officers because the CEO is uniquely positioned to influence all aspects of Grace's operations and performance and the resulting return to our stakeholders. In addition, we believe there exists a robust competition for effective CEO talent among companies the size of Grace and, in this environment, a competitive compensation package is essential for retention. Our view is consistent with the practices of the peer group companies and the broad industry data that we have reviewed." |
| James A.C. Kennedy | T. Rowe Price Group Inc. | $5,568,688 | -28% | -42% | T. Rowe Price spokesman Edward Giltenan said: "Last year was one of the worst ever in the financial markets, and clients lost money on our watch. And we take that very seriously. As always, we remain focused on providing good results for our clients over the long haul, and on that score, nearly 80 percent of our funds have outperformed their peer averages over the last decade." |
| Maurice B. Tosé | TeleCommunication Systems Inc. | $4,343,315 | 174% | 141% | TeleCommunication Systems declined to comment. In its proxy statement, the company said: "The Compensation Committee noted that Company results for 2008 reflect outstanding performance by the Named Executive Officers, and that performance has made a materially positive impact on the Company's stock performance in the public markets. After discussion with management, the Compensation Committee has determined that providing an incentive for the senior management team to remain employed with the Company and encouraging efforts toward continued outstanding performance in 2009 is important to the Company and its stockholders." |
| Robert N. Wildrick | Jos. A. Bank Clothiers Inc. | $4,339,738 | 12% | 1% | In its proxy statement, Jos. A. Bank said: "The Company's earnings per share in Fiscal 2008 ($3.17) exceeded the maximum target established for Fiscal 2008 under Mr. Wildrick's employment agreement ($1.53). Had Mr. Wildrick remained Chief Executive Officer during all of Fiscal 2008, he would have been entitled to receive non-equity incentive compensation of $2,840,545, an amount equal to 250% of his Fiscal 2008 annualized base salary. Instead, Mr. Wildrick received non-equity incentive compensation of $2,130,481, the total of his first three quarterly bonus payments. As Mr. Wildrick retired as Chief Executive Officer on December 20, 2008, he did not receive his fourth quarterly bonus payment." |
| Gary B. Smith | Ciena Corp. | $3,836,550 | 19% | -80% | Ciena said in a statement to The Baltimore Sun: "Ciena's independent Compensation Committee considers company and individual performance, as well as peer group data, in establishing executive compensation levels. Decisions about Ciena's 2008 executive compensation were made in the Fall of 2007, at a time when the Company's growth was rapidly outpacing the market. Along with the rest of our industry, Ciena's performance deteriorated with the onset of the broader economic decline beginning in the second half of 2008. As noted in our most recent proxy filing, Ciena's executive salaries will not increase in fiscal 2009." |
| James F. Roberts | Foundation Coal Holdings Inc | $3,805,009 | 91% | -73% | In its proxy statement, Foundation Coal said: "Mr. Roberts' individual performance was reviewed by the compensation committee which determined his individual performance targets were exceeded based on the development of a sales and marketing strategy that provided for 94% of 2009 production to be sold prior to sales prices dropping, the Company's conservation of capital and liquidity through a very tough credit market, and the well thought out succession planning process and the development of his succession candidate. Based on Foundation's performance and individual performance, the chief executive officer received 84% of his potential target incentive." |
| Randall M. Griffin | Corporate Office Properties Trust | $3,784,661 | 33% | -3% | In its proxy statement, Corporate Office Properties Trust said its total shareholder return was "first among the peer group and the entire office REIT sector and ninth among all equity REITS" last year. "In determining actual awards, the Compensation Committee and the Board of Trustees believed that despite current economic conditions, increases in total compensation for each of the executives were warranted to: adequately recognize the Company's performance on both an absolute and relative basis to the peer group as demonstrated through the 2008 long-term incentive plan criteria and the Company's other achievements in 2008; and have total compensation of the executives be competitive with the mid-point between the 50th and 75th percentile of the peer group." |
| C. Taylor Pickett | Omega Healthcare Investors Inc. | $1,900,468 | 10% | -1% | In its proxy statement, Omega said: "The Committee considers our overall financial performance for the fiscal year and the performance of the specific areas of our Company under each incumbent officer's direct control. It was the Committee's view that this balance supports the accomplishment of overall objectives and rewarded individual contributions by executive officers." |
| Gary N. Geisel | Provident Bankshares Corp. | $1,673,078 | 20% | -55% | In its proxy statement, Provident said: "Provident's goal is to compensate officers at competitive levels that position the Bank as the employer of choice among peer institutions that provide similar financial services in the markets served. ... Compensation is structured around the attainment of company-wide financial and individual performance targets that return positive results to the bottom line." |
| Robert B. Barnhill Jr. | TESSCO Technologies Inc. | $1,591,206 | 17% | -47% | In its proxy statement, TESSCO said: "TESSCO operates in the extremely competitive and rapidly changing wireless communication product and service industry. The Compensation Committee (the "Committee") and the Board of Directors (the "Board") believe that compensation programs for our executive officers should be and are designed to attract, motivate and retain talented executives responsible for the long-term success of the Company. These programs are designed within a framework based on the achievement of designated targets and are designed to align the financial interests of executive officers with those of our shareholders. The Committee and the Board believe that alignment between shareholders and executive officers is best achieved by tying a significant portion of total compensation to the achievement of certain financial and non-financial objectives." |
| David D. Smith | Sinclair Broadcast Group Inc. | $1,518,885 | -24% | -62% | In its proxy statement, Sinclair said: "David D. Smith, our CEO, is one of the largest shareholders of the Company. His financial well-being is directly tied to the performance of the Company through his significant share ownership. In 2008 he did not receive a cash bonus. We believe that his significant share ownership is a contributing factor to strong, long-term corporate performance." |
| David P. Wright | PharmAthene Inc. | $1,432,822 | 77% | -42% | PharmAthene told shareholders in its proxy statement that "compensation of our Chief Executive Officer is determined, or recommended to the Board for determination, by the Compensation Committee comprised solely of independent directors. The Chief Executive Officer is not present during voting or deliberations." |
| C. Randal Mills | Osiris Therapeutics Inc. | $1,215,917 | 52% | 59% | Osiris told shareholders in its proxy statement that its compensation committee "believes Dr. Mills has managed Osiris well in a challenging business climate and has continued to move it towards its long-term objectives. Consistent with this assessment, Dr. Mills was awarded a bonus of $265,000 for the year." |
| Steve Dubin | Martek Biosciences Corp. | $1,175,548 | 43% | -2% | In its proxy statement, Martek said: "While earnings growth was an important goal in 2008, the Compensation Committee recognized that the Named Executive Officers should, to the greatest extent consistent with that goal, be compensated in accordance with market practices in order to ensure retention." |
