CEO Pay Watch Imation Corp.
Mark Lucas, president and CEO
Total compensation: $3,906,020 for the year ended Dec. 31
Non-equity incentive pay: $2,340,785
Other compensation: $44,494
Value realized on vesting shares: $765,876
Total shareholder return: –19 percent
Note: Last May, just under half the shares voted at Oakdale-based Imation's annual meeting were against the "say-on-pay" proposal on executive compensation. As a result, the board's compensation committee asked the company and management to meet with major shareholders to get feedback on their compensation programs.
Shareholders had objected to pay of management and the board. The company is in the midst of a multiyear strategy of weaning itself from lower-margin sales of its legacy optical and tape data storage devices to higher margin sales of its mobile security solutions.
In response to the shareholder feedback, the board froze Lucas' base salary for 2014 and 2015, eliminated some tax gross-ups and adjusted the peer group used for compensation comparisons. It also approved a reduction in equity grants and meeting fees for its members, including the fees to the nonexecutive chairman of the board.
Lucas' overall compensation still increased 48.3 percent from the previous year. His salary stayed the same, but his annual incentive pay rose from $1.4 million to $2.3 million.