CEO PAY WATCH REGIS CORP.
Paul Finkelstein, P, CEO Total compensation: $2,482,160 for the fiscal year ended June 30
Salary: $1,206,833
Non-equity incentive pay: $343,500
Other compensation: $308,300
Exercised stock options: $484,673
Value realized on vesting shares: $138,854
New stock options: 106,000
Total return to shareholders in fiscal 2009: -33.3 percent
Note: Because of the deteriorating economic conditions in 2009, Regis decided midyear to alter its executive incentive plan. From its proxy: "In order to engage and motivate executives for achievement of business objectives ... aligned with the current economic environment for the remainder of the fiscal year, the committee approved a 'supplemental award' for fiscal 2009."
Regis missed its original incentive target based on earnings per share, but achieved the smaller supplemental award target by reducing debt, inventory levels, capital expenditures, investments and expenses related to acquisitions and budgeted operating expenses. It also hired the Hay Group, a compensation consulting firm, to change its overall compensation and incentive program for fiscal 2010. The new plan will reduce the annual bonus opportunity by 10 percent from fiscal 2009's opportunity, but increase base salaries.
Finkelstein took home $5.8 million in fiscal 2008 mainly because he had $3.4 million from exercised stock options and his bonus was $825,000.
PATRICK KENNEDY
