CEO PAY WATCH H.B. FULLER CO.Michele Volpi, president, CEO
Total compensation: $2,239,363 for the year ended Nov. 30, 2009
Non-equity incentive pay: $1,031,012
Other compensation: $177,294
Value realized on vesting shares: 293,203
New stock options: 165,622
Total return to shareholders: 16.5 percent
Note: The company recorded as expenses $520,270 worth of stock awards and $617,877 worth of options for Volpi in the past year. Volpi earned his $1 million performance bonus by exceeding three of the four performance targets. Fuller exceeded the earnings per share, operating income, and return on gross investment targets, and just missed the revenue target for the year. Fuller's revenue for the year was $1.235 billion, down 11.3 percent for the year, but earnings increased. On an adjusted basis, earnings per share increased 4 percent to $1.47 per share. Volpi and other senior executives did not earn a cash bonus in 2008; this year's bonus helped Volpi take home 54 percent more than in 2008.
The compensation committee hired Towers Perrin to revamp the long-term incentive program for 2010. The committee adopted a new peer group, and changed the mix of stock options and restricted stock.
On Feb. 4, Volpi was elected to serve on the Piper Jaffray Cos. board of directors.