2004 Executive Compensation -- Hitting the Jackpot

These are the industry's high rollers—printing's version of the The Forbes 400 list of wealthiest people. Printing Impressions' 15th annual executive compensation report shows what the top industry execs take home, by highlighting the industry's top money earners at publicly held printing companies.

Mark Angelson, CEO of Chicago-based RR Donnelley, ranks first in annual salary for this year's list, earning more than $3 million. This is the second consecutive year that a RR Donnelley exec has topped our list.

The rankings indicate previous fiscal year salaries, most recent fiscal year wages and the percentage change in compensation from the two fiscal years that are shown.

While some executives, like Keith Walters of DeSoto, TX-based Ennis Business Forms, cashed in, seeing their total annual compensation go up several hundred thousand dollars, others, like Paul Reilly of Cenveo Inc., in Englewood, CO, saw their annual salaries decline in the past year. A variety of factors may have altered these salary totals.

This information is derived directly from the most recent proxy statements of publicly held U.S. and Canadian (where available) printing firms. Printing Impressions used base salaries and listed cash bonuses to establish compensation levels. We do not include any stock options, which may or may not have been exercised, or stock payouts. Note that these options may increase total yearly earnings greatly.

1) MARK A. ANGELSON, 52

CEO

RR Donnelley, Chicago

Salary + Bonus: $3,000,000

Other Compensation: $57,271

Total: $3,057,271

Previous Year Total: —

Percentage Change: —

2) PIERRE KARL PELADEAU

President and CEO

Quebecor World, Montreal

(C= Canadian $$)

Salary + Bonus: C$2,454,305

Other Compensation: C$176,002

Total: C$2,630,307

Previous Year Total: C$1,441,805

Percentage Change: 82%

3) ALAN F. SCHULTZ, 45

CEO, President and Director

Valassis Communications,

Livonia, MI

Salary + Bonus: $1,287,415

Other Compensation: $12,400

Total: $1,299,815

Previous Year Total: $1,276,200

Percentage Change: 2%

4) TIMOTHY C. TUFF, 56

Chairman, President and CEO

John H. Harland Co., Atlanta

Salary + Bonus: $1,106,040

Other Compensation: $98,219

Total: $1,204,259

Previous Year Total: $1,197,174

Percentage Change: —

5) STEPHANIE A. STREETER, 46

President and CEO

Banta Corp., Menasha, WI

Salary + Bonus: $1,030,529

Other Compensation: $4,000

Total: $1,034,529

Previous Year Total: $848,718

Percentage Change: 22%

6) KEITH S. WALTERS, 54

Chairman, President and CEO

Ennis Business Forms, DeSoto, TX

Salary + Bonus: $1,006,786

Other Compensation: —

Total: $1,006,786

Previous Year Total: $563,853

Percentage Change: 79%

7) REMI MARCOUX

Chairman and CEO

GTC Transcontinental Group, Montreal (C= Canadian $$)

Salary + Bonus: C$891,923

Other Compensation: —

Total: C$891,923

|Previous Year Total: C$1,028,365

Percentage Change: -13%

8) JAMES F. CONWAY III, 51

Chairman, President and CEO

Courier Corp., N. Chelmsford, MA

Salary + Bonus: $730,000

Other Compensation: $65,567

Total: $795,567

Previous Year Total: $707,405

Percentage Change: 12%

9) DENNIS L. REDIKER, 60

President and CEO

Standard Register, Dayton, OH

Salary + Bonus: $700,000

Other Compensation: $3,500

Total: $703,500

Previous Year Total: $704,923

Percentage Change: —

10) BRUCE V. THOMAS, 48

President and CEO

Cadmus Communications, Richmond, VA

Salary + Bonus: $671,538

Other Compensation: $3,907

Total: $675,445

Previous Year Total: $699,452

Percentage Change: -3%

11) MARSHALL SOROKWASZ, 60

Chairman, President, CEO and Treasurer

Impreso Inc., Coppell, TX

Salary + Bonus: $480,333

Other Compensation: $178,649

Total: $658,982

Previous Year Total: $689,927

Percentage Change: -4%

12) ROBERT M. JOHNSON, 58

Former Chairman and CEO

Bowne & Co., New York

Salary + Bonus: $600,000

Other Compensation: $34,262

Total: $634,262

Previous Year Total: $557,484

Percentage Change: 14%

13) PAUL V. REILLY, 51

President and CEO

Cenveo Inc., Englewood, CO

Salary + Bonus: $618,077

Other Compensation: —

Total: $618,077

Previous Year Total: $771,231

Percentage Change: -20%

14) CLIFF O. BICKELL

President, Printed Products Div.

Scientific Games, Alpharetta, GA

Salary + Bonus: $450,000

Other Compensation: $6,810

Total: $456,810

Previous Year Total: $437,527

Percentage Change: 4%

15) JOE R. DAVIS, 61

Chairman and CEO

Consolidated Graphics, Houston

Salary + Bonus: $400,000

Other Compensation: —

Total: $400,000

Previous Year Total: $400,000

Percentage Change: —