Business

CEO Pay Watch: Regis' fired CEO Dan Hanrahan made $15.3 million last year

New CEO Hugh Sawyer received $585,000 sign-on bonus and will make $950,000 in base salary.

By Patrick Kennedy

September 7, 2017 at 11:57PM

Former Regis CEO Dan Hanrahan (The Minnesota Star Tribune)

Dan Hanrahan, Regis Corp. former president, CEO

Total compensation: $15,288,033 for the year ended June 30, 2017

Salary: $698,250

Nonequity incentive pay: $0

Other compensation: $9,406,633

Value realized on vesting shares: $5,183,150

Total fiscal 2017 shareholder return: -17.5 percent

Note: Also of note, Hanrahan's replacement, Hugh Sawyer, became CEO in April and received a $585,000 sign-on bonus and 1 million new stock options. He will receive an annual base salary of $950,000 (compared with Hanrahan's $850,000).

Hanrahan joined Regis in August 2012 from Miami-based cruise and resort company Celebrity Cruises after activist investors sought changes in leadership and better performance. Nearly five years later he was terminated after the company continued to lose sales each year and only once reported an annual profit during his tenure.

Besides his salary (prorated since it was not the end of the fiscal year), Hanrahan received $9.3 million in severance payments, including two years worth of his annual salary ($1.7 million) and $7.6 million worth of accelerated long-term equity awards.

Those accelerated equity awards included grants made to Hanrahan in January 2015 that were meant to retain him through the five-year period of that award.

about the writer

Patrick Kennedy

Reporter

Business reporter Patrick Kennedy covers executive compensation and public companies. He has reported on the Minnesota business community for more than 25 years.

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