Executive Compensation -- Ghosts of Pay Cuts to Come
BAILOUTS OF financial institutions and pleas for assistance from domestic auto manufacturers have put top executive performance and compensation into the headlines. The excesses that fueled public outrage won’t be found among the earnings of principal officers at the largest publicly held printing companies included in Printing Impressions’ 19th annual executive compensation report. The numbers reported are for the most recent completed fiscal year, which was 2007 in many cases, yet some downward trending was already evident ahead of the economic slide. That doesn’t bode well for current wages.
Adjustments were made to some previous year totals to make the listings consistent in what compensation was included. In cases where executives weren’t in their current top management positions for all of a fiscal year, the total is either the annualized figure reported or a combination of the compensation earned in each position for the corresponding period of the year.
These figures are derived from the most recent proxy statements of publicly held U.S. and Canadian printing firms (where available). To provide a more meaningful basis for comparison, stock awards/options and deferred compensation earnings are not included, and Canadian dollars are converted into U.S. dollars at each respective year’s exchange rate.
1) ROBERT G. BURTON
Chairman and CEO
Cenveo Inc., Stamford, CT
Salary + Incentives: $2,666,667
Other Compensation: $24,858
Total: $2,691,525
Previous Year Total: $3,971,934
Percentage Change: -32%
2) THOMAS J. QUINLAN III
President and CEO
RR Donnelley, Chicago
Salary + Incentives: $2,532,778
Other Compensation: $62,540
Total: $2,595,318
Previous Year Total —
Percentage Change —
3) LUC DESJARDINS(1)
President and CEO (Until 2/08)
Transcontinental Inc., Montreal
(Converted to U.S.$$)
Salary + Bonus: $1,667,025
Other Compensation —
Total: $1,667,025
Previous Year Total: $1,149,907
Percentage Change: 45%
4 ) KEITH S. WALTERS
Chairman, President and CEO
Ennis Inc., Midlothian, TX
Salary + Incentives: $1,366,604
Other Compensation: $224,228
Total: $1,590,832
Previous Year Total: $1,432,073
Percentage Change: 11%
5) JOE R. DAVIS
Chairman and CEO
Consolidated Graphics, Houston
Salary + Bonus + Incentives: $1,500,000
Other Compensation: $3,882
Total: $1,503,882
Previous Year Total: $1,972,949
Percentage Change: -24%
6) WES LUCAS(2)
President and CEO (2007)
Quebecor World, Montreal
(Converted to U.S.$$)
Salary: $1,458,130
Other Compensation —
Total: $1,458,130
Previous Year Total: $2,240,920
Percentage Change: -35%
7) ALAN F. SCHULTZ
CEO, President and Director
Valassis, Livonia, MI
Salary + Incentives: $1,404,000
Other Compensation: $25,485
Total: $1,429,485
Previous Year Total: $1,027,448
Percentage Change: 39%
8) DAVID J. SHEA
Chairman and CEO
Bowne & Co., New York
Salary + Incentives: $1,265,000
Other Compensation: $74,198
Total: $1,339,198
Previous Year Total: $1,150,186
Percentage Change: 16%
9) ROBERT KEANE
Chairman, President, CEO
VistaPrint, Lexington, MA
Salary + Incentives: $1,123,359
Other Compensation: $1,446
Total: $1,124,805
Previous Year Total: $901,435
Percentage Change: 25%
10 ) DENNIS L. REDIKER
President and CEO
Standard Register, Dayton, OH
Salary + Incentives: $970,298
Other Compensation: $71,029
Total: $1,041,327
Previous Year Total: $937,766
Percentage Change: 11%
(1)François Olivier, the current president and CEO, earned $734,493 during the same period as COO.
(2)Wes Lucas was appointed president and CEO on May 11, 2006, and was succeeded by Jacques Mallette on December 17, 2007. Mallette earned $1,199,229 in fiscal year 2007, chiefly as executive vice president and CFO.
