Executive Compensation--Changing of the Guard

It is only appropriate that change is in the air for the printing industry, with a new millennium and workflow-altering technologies banging down the door. Not-so-subtle changes are already evident in Printing Impressions' 10th annual executive compensation report, which showcases 20 of the industry's highest paid executives at publicly held printing companies.

A new executive adorns the top of the list in the form of Marc P. Shore, chairman and CEO of New York-based Shorewood Packaging. He replaces David A. Brandon, former CEO, president and director at Livonia, MI-based Valassis Communications.
Shore received $1,893,000 in salary and bonus, plus $149,625 in other compensation for a total of $2,042,625. At 45, he is the second youngest executive on the list and was ranked sixth at $1,251,125 the previous year.
This survey is derived directly from the most recent proxy statements of publicly held U.S. and Canadian printing firms. Printing Impressions uses base salaries and listed cash bonuses to tabulate compensation levels. We do not include any stock options, which may or may not have been exercised. These options may increase earnings greatly.

1. Marc P. Shore, 45
Chairman and CEO
Shorewood Packaging, New York
Salary + Bonus: $1,893,000
Other Compensation: $149,625
Total: $2,042,625
Previous Year Total: $1,251,125
Percentage Change: 63.26%

2. John A. Blanchard, 56
President and CEO
Deluxe Corp., St. Paul, MN
Salary + Bonus: $1,800,000
Other Compensation: $92,899
Total: $1,892,899
Previous Year Total: $1,306,295
Percentage Change: 44.9%

3. William L. Davis, 55
Chairman and CEO
R.R. Donnelley & Sons, Chicago
Salary + Bonus: $1,700,000
Other Compensation: $170,293
Total: $1,870,293
Previous Year Total: $5,062,105
Percentage Change: -63.05%

4. Peter S. Redding, 60
President and CEO
Standard Register, Dayton, OH
Salary + Bonus: $1,407,941
Other Compensation: $1,000
Total: $1,408,941
Previous Year Total: $1,544,224
Percentage Change: -8.76%

5. Charles G. Cavell, 58
President and CEO
Quebecor World, Montreal: (C=Canadian $$)
Salary + Bonus: C$1,304,306
Other Compensation: C$59,473
Total: C$1,363,779
Previous Year Total: C$1,130,070
Percentage Change: 20.68%

6. David R. Holmes, 58
Chairman, President and CEO
Reynolds & Reynolds, Kettering, OH
Salary + Bonus: $1,097,661
Other Compensation: $45,121
Total: $1,142,782
Previous Year Total: $801,795
Percentage Change: 42.52%

7. Robert C. Buhrmaster, 52
Chairman, President and CEO
Jostens Inc., Minneapolis
Salary + Bonus: $824,000
Other Compensation: $286,344
Total: $1,110,344
Previous Year Total: $634,534
Percentage Change: 74.98%

8. Edward T. Reilly, 52
President and CEO
Big Flower Holdings, New York
Salary + Bonus: $1,045,000
Other Compensation: ——:
Total: $1,045,000
Previous Year Total: $1,119,908
Percentage Change: -6.69%

9. John Castro, 50
President and CEO
Merrill Corp., St. Paul, MN
Salary + Bonus: $985,375
Other Compensation: $47,504
Total: $1,032,879
Previous Year Total: $1,184,824
Percentage Change: -12.82%

10. Robert J. Cronin, 54
Chairman and CEO
Wallace Computer Services, Lisle, IL
Salary + Bonus: $825,417
Other Compensation: $115,638
Total: $941,055
Previous Year Total: $618,301
Percentage Change: 52.2%

11. Alan F. Schultz, 40
CEO, President and Director
Valassis Communications, Livonia, MI
Salary + Bonus: $885,400
Other Compensation: $12,608
Total: $898,008
Previous Year Total: ——:
Percentage Change: ——:

12. Robert M. Johnson, 53
Chairman and CEO
Bowne & Co., New York
Salary + Bonus: $829,913
Other Compensation: $43,750
Total: $873,663
Previous Year Total: $990,000
Percentage Change: -11.75%

13. Gerald F. Mahoney, 55
Chairman and CEO
Mail-Well Inc., Englewood, CO
Salary + Bonus: $834,300
Other Compensation: ——:
Total: $834,300
Previous Year Total: $840,000
Percentage Change: ——

14. Robert J. Murray, 58
Chairman, President and CEO
New England Business Service, Groton, MA
Salary + Bonus: $629,151
Other Compensation: $43,048
Total: $672,199
Previous Year Total: $573,239
Percentage Change: 17.26%

15. Timothy C. Tuff
President and CEO
John H. Harland Co., Atlanta
Salary + Bonus: $220,673
Other Compensation: $350,000
Total: $570,673
Previous Year Total: ——:
Percentage Change: ——:

16. Donald D. Belcher, 60
Chairman, President and CEO
Banta Corp., Menasha, WI
Salary + Bonus: $561,516
Other Compensation: $3,200
Total: $564,716
Previous Year Total: $422,200
Percentage Change: 33.75%

17. Larry L. Gellerstedt III, 42
President and CEO
American Business Products, Atlanta
Salary + Bonus: $441,138
Other Compensation: ——:
Total: $441,138
Previous Year Total: ——:
Percentage Change: ——

18. C. Stephenson Gillispie Jr., 57
Chairman, President and CEO
Cadmus Communications, Richmond, VA
Salary + Bonus: $400,000
Other Compensation: $15,002
Total: $415,002
Previous Year Total: $547,360
Percentage Change: -24.18%

19. Arthur Hershaft, 61
Chairman and CEO
Paxar Corp., White Plains, NY
Salary + Bonus: $407,692
Other Compensation: ——:
Total: $407,692
Previous Year Total: $517,585
Percentage Change: -21.23%

20. Joe R. Davis, 56
President and CEO
Consolidated Graphics, Houston
Salary + Bonus: $228,000
Other Compensation: ——
Total: $228,000
Previous Year Total: $228,000
Percentage Change: ——