William Mansfield, CEO Total compensation: $3,107,855 for the year ended Oct. 30, 2009
Salary: $900,000
Bonus: $99,000
Non-equity incentive pay: $1,518,600
Other compensation: $201,107
Value realized on vesting shares: $389,148
New stock options: 260,000
Total return to shareholders: 27.7 percent
Note: Base salaries of Valspar's named executives were not increased in 2009, but they earned increases elsewhere. Given the current economic environment and performance of Valspar compared with its peers, the company's compensation committee awarded Valspar management discretionary bonuses -- including $99,000 for Mansfield. While Valspar's total revenue sank more than 17 percent last year to $2.8 billion, net income rose 6.2 percent to $160 million. When excluding after-tax restructuring charges of $12.8 million, net income was enough to exceed performance goals and earn non-equity incentive pay. Valspar booked expenses for $1,763,900 in stock awards and $1,794,000 in stock option awards for Mansfield in 2009.
PATRICK KENNEDY
Political stakes are high for success of the program, which mandates 12 weeks of paid family and medical leave.
