Apogee CEO salary up, bonus drops

Russell Huffer, CEO of Apogee Enterprises Inc. received a small raise in salary in 2002, while the amount of his bonus plunged.

The Edina-based maker of auto and architectural glass increased Huffer's regular salary by 3.8 percent, to $597,231, up from $575,539 in 2001, according to the company's proxy statement, filed Tuesday with the Securities and Exchange Commission.

However, the CEO's bonus dropped significantly, to $226,448 in 2002, down from $622,000 in 2001.

Huffer received a total of 80,000 stock options, worth between $657,772 and $1.7 million depending on the assumed annual rates of stock price appreciation.

The company's shares lost 42.4 percent of their value over the year, dropping from an adjusted price of $15.36 on Dec. 31, 2001, to an adjusted $8.84 on Dec. 31, 2002

Mary Ann Jackson, the company's director of communications, said that there was no direct connection between Huffer's bonus and the company's stock price. The CEO's bonus is based on a number of factors, Jackson explained, including performance of the company as a whole. "Earnings were up, but the earnings goal wasn't met" for last year, Jackson said and therefore the CEO received a smaller bonus.

Shares of Apogee on the Nasdaq National Market closed down 1 cent, or 0.1 percent, at $10.51 in very light trading Tuesday.

600450 Apogee CEO salary up, bonus drops glassonweb.com

See more news about:

Others also read

Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.
Praxair, Inc. (NYSE: PX) today announced that its subsidiary Praxair Canada Inc.'s specialty gases plant in Paris, Ontario, Canada, is one of Praxair's first specialty gases plants in North America to complete the upgrade to ISO 9001:2000, the latest ISO 9000 standard for quality.
KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.
Co-Ventures in Glass Containers (CVIGC, Ltd.) of Tampa, Florida, USA and Micro-Tek Canada, Inc. Of Toronto, Canada are excited to announce the beginning of a long term joint venture to combine their extensive experiences and resources to offer the Glass Container Industry globally a best value alternative for all their outsourcing needs in manufacturing, operations and technical assistance agreements, specifically targeted to the smaller manufacturers who have found the larger service companies to be cost and profit prohibitive.The principals of the two companies have found a global need for smaller glass companies who require excellent technical resources to properly compete within the industry without the high costs of employing their own staffs or outsourcing their requirements to the larger service companies whose own operating costs and overhead are substantial.

Add new comment