Snowe served in the House of Representatives from 1979 to 1995, when she started representing Maine in the Senate until this year. She now is chairman and CEO of a policy and communications consulting firm and a senior fellow at the Bipartisan Policy Center, Price said.
As part of her compensation, Snowe received 4,200 restricted shares that vest a year from now. Price independent directors' compensation includes a $75,000 annual retainer, $1,500 per meeting, and thousands of dollars for heading up a committee. Their total compensation last year, which included stock awards, ranged from $238,823 to $309,618, according to the company's proxy statement.
"Olympia brings a broad range of valuable leadership and public policy experience that will serve the board and the firm well," said Chairman Brian C. Rogers in statement.
The company also declared a quarterly dividend of 38 cents per share to be paid out Sept. 27.