CEO pay watch: H.B. Fuller's Volpi: $5.6 million
March 3, 2011 at 4:47AM
Michele Volpi, former president and CEOTotal compensation: $5,620,890 for the year ended Nov. 30.
Salary: $800,269
Non-equity incentive pay: $918,276
Other compensation: $3,536,537
Value realized on vesting shares: $365,808
Total fiscal 2010 return to shareholders: 4.4%
Note: Volpi resigned as CEO Nov. 19 and left the company Dec. 7. Volpi earlier had been granted 2 million shares of performance-based restricted stock, but those shares were forfeited when his employment ended. In February 2010, the board of directors and its compensation committee had approved a 10.4 percent increase to Volpi's base salary to $815,000. His severance of $3.3 million included two times his annual salary, plus the target bonus.
James Owens, president and CEOTotal compensation: $1,210,207 for the year ended Nov. 30.
Salary: $441,401
Bonus: $250,000
Non-equity incentive pay: $277,937
Other compensation: $240,869
New stock options: 33,275
Total fiscal 2010 return to shareholders: 4.4%
Note: Owens was immediately named president and CEO to succeed Volpi in November. Owens joined Fuller in 2008 and served most recently as senior vice president of the Americas. In his new role as CEO, the company approved a 25.6 percent increase in his base salary to $560,000 per year. Owens received a $250,000 relocation bonus and is eligible for another $250,000.
Prior to joining Fuller, Owens was a senior vice president of Germany-based Henkel Corp. He earlier spent 22 years in the adhesives business of National Starch, a division of London-based Imperial Chemical Industries Ltd.
PATRICK KENNEDY
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