CEO Pay Watch Apogee Enterprises Inc.
Joseph Puishys, president, CEO
Total compensation: $4,094,217 for the year ended March 1
Non-equity incentive pay: $2,183,771
Other compensation: $68,327
Value realized on vesting shares: $1,177,504
Fiscal 2013 shareholder return: 32.4 percent
Note: Puishys’ compensation increased 70 percent over last year, mainly from previously issued restricted stock that vested during the year and a bigger bonus.
Edina-based Apogee, which fabricates, distributes and installs glass products and systems, had a banner year as annual sales increased 10 percent to $737 million and earnings per share increased 42 percent to 95 cents per share. The strong corporate performance helped Puishys earn an above-target annual bonus of $2.2 million that was an 82 percent increase over his bonus from the previous year.
The company’s stock also performed well. The 32.4 percent total return for the fiscal year ended March 1 exceeded its compensation peer group and the Russell 2000 index. The company’s total shareholder return over the previous three years has also significantly outpaced its peer group and the Russell 2000 index. Apogee’s performance during that time has helped increase the value of previously issued restricted stock. Puishys earned nearly $1.2 million from restricted stock that vested during the year, more than double the $503,000 he earned from restricted stock that vested the previous year.