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
Date: 19 May 2003
Source: Twincities Bizjournals

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