CEO Pay Watch Tennant Co.
H. Chris Killingstad, president and CEO
Total compensation: $2,779,614 for the year ended Dec. 31
Non-equity incentive pay: $607,921
Other compensation: $95,677
Exercised stock options: $0
Value realized on vesting shares: $1,391,120
New stock options: 27,767
Total 2014 shareholder return: 7.7 percent
Note: Killingstad’s overall compensation was down from the $8 million he took home in 2013. However, the change was mainly because he chose not to exercise any stock options in 2014 after he had exercised options the previous three years, including $5.3 million worth in 2013.
At the beginning of 2014, Golden Valley-based Tennant created a strategy to reach $1 billion in sales by 2017. The company is so far on track to meet the goal, reporting 2014 revenue of $822 million, up 9.3 percent from 2013. The company’s earnings surged as well, with adjusted earnings per share up 19.5 percent to $2.70 per share. As a result, Killingstad’s annual bonus increased from $380,610 to $607,921 in 2014.
Killingstad and other executives also got 3 percent salary increases in 2014, which, according to the proxy, was “consistent with the historical level of pay increases allocated to the overall employee population.”