Your Source for Up-To-Date News and Research on the Collision Repair Industry
click here to subscribe to the FREE INSIGHT Editor's Desk News Alert Email
SUBSCRIBERS-ONLY
Today's News
INSIGHT This Month
INSIGHT Archives
Survey Center
Letter to the Editor
Business Tools
Subscription Information
CSI Reporting
Financial Analysis
IRS Audit Guide
Management/
Technical Info
Market Watch Rates
INSIGHT Inside this month's issue...
Feedback
Letter to the Editor
Friday April 2
DuPont cuts CEO's pay 26% in 2003
DuPont Co., the second largest U.S. chemicals maker, cut the pay of its chief executive 26 percent to about $2.45 million in 2003, as the company's stock underperformed peers.The Wilmington, Delaware, company slashed the bonus of CEO Charles Holliday by 40 percent to $1.3 million, according to a document filed with the U.S. Securities and Exchange Commission. Holliday's bonus was based on targets for financial results, the company said in its SEC filing.
DuPont's share price rose just over 5 percent last year, while the Standard & Poor's Chemicals index rose more than 20 percent.
Still the compensation committee noted a strong finish in 2003, including the announced sale of DuPont's fibers business and a restructuring plan designed to improve 2005 pretax earnings by $900 million.
DuPont raised Holliday's salary 3 percent to $1.12 million, an adjustment consistent with other top company executives, the SEC document said. The CEO's other compensation totaled about $33,293 in 2003.
For 2004, Holliday requested that his salary stay unchanged at $1.12 million, according to the SEC document.
In 2003, Holliday received 464,200 stock options. In February 2004, he received 245,800 stock options and 64,000 performance-based restricted stock units.
©2004 Collision Repair Industry INSIGHT
All Rights Reserved
FEATURED
LINKS:
INSIGHT Supports the NABC!
Do You?