CEO Pay Watch
Arctic Cat Inc.
Claude Jordan, former chairman, president, CEO
Total compensation: $3,111,328 for the year ended March 31
Other compensation: $20,934
Exercised stock options: $2,028,929
Value realized on vesting shares: $520,796
Total shareholder return: –22.9 percent
Note: Arctic Cat spent more than $1.2 million in salary for three CEOs during its last fiscal year.
After dismissing Claude Jordan in May 2014, board member and former chairman and CEO Christopher Twomey stepped in as interim CEO. The company then hired a former Black and Decker executive, Christopher Metz, on Dec. 3 as the new president and CEO.
Jordan’s salary worked out to $540,669, Twomey’s was $481,779 and Metz’s was $202,362.
Jordan took home the most in overall compensation, $3.1 million, in Arctic Cat’s fiscal year ended March 31, mainly from remaining options he exercised as he left. That was nearly 70 percent less than the $10 million he took home the previous fiscal year.
None of the CEOs earned a bonus for the year as Plymouth-based Arctic Cat struggled through economic challenges, foreign currency struggles, price incentive programs to help dealers reduce inventories and leadership transition costs.
Arctic Cat’s annual revenue fell 4.3 percent to $698.8 million, while net income sank to $4.9 million, from $39.4 million the previous year. Arctic Cat failed to reach the minimum target in each category.