CEO Pay Watch: Dan Hanrahan, Regis Corp.
- August 30, 2013 - 8:03 PM
CEO Pay Watch Regis Corp.
Daniel Hanrahan, president, CEO
Total compensation: $2,124,958 for the year ended June 30
Other compensation: $260,554
New stock options: 150,000
Total fiscal 2013 return to shareholders: –7.5 percent
Note: Hanrahan was recruited from Celebrity Cruises last year to become CEO of the struggling hair salon company. He was appointed CEO on Aug. 6, 2012, and was given an initial salary rate of $850,000 per year and the potential to earn an annual bonus that is 125 percent of his annual salary.
As part of his hiring package, his annual bonus for the year ended June 30 was guaranteed and his other compensation included $174,555 of relocation expenses. Hanrahan’s salary and bonus target for fiscal 2014 will be the same as last year, a salary of $850,000 and a bonus target of 125 percent of his base salary: $1,062,500.
As part of his long-term incentive compensation, Regis recorded an expense of $3,716,147 for stock awards and $996,000 for option awards. Those long-term incentives included two special equity awards. The first grant consists of 118,062 shares of restricted stock that will vest in full at the end of five years. The second grant consists of 20,000 restricted stock units that will vest if Regis stock trades at or above $35 for 20 consecutive trading days at some time during the five-year period beginning with his start as CEO.
Hanrahan’s initial 150,000 stock option awards have an exercise price of $18.01 per share. The company’s stock closed at $15.78 on Friday.
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