Top Spectrum Brands execs could reap millions worth of stock
Feb 06, 2013 (Menafn - The Wisconsin State Journal - McClatchy-Tribune Information Services via COMTEX) --The top three executives of Madison-based Spectrum Brands could be in line for bonuses totaling 25 million worth of stock over the next two years if the company tops certain financial goals.
Dave Lumley, president and chief executive officer, could qualify for up to 15 million in stock. Anthony Genito, executive vice president and chief financial officer, and Terry Polistina, president-global appliances, could each receive 5 million worth, in the plan approved by the board of directors.
Spectrum Brands is the parent company of consumer products including Rayovac batteries, Remington shavers and George Foreman grills.
As many as 150 to 200 executives, managers and key employees are expected to participate in the Spectrum 750 Plan, a "two-year superior achievement program," outlined in a document filed Monday with the Securities and Exchange Commission. It awards restricted stock based on the company's ability to meet and exceed specific goals for earnings, cash flow and earnings per share by Sept. 30, 2014.
Half of the restricted stock will be payable within 74 days of that date; the rest will vest one year later.
Meanwhile, top managers of Spectrum Brands will also be expected to own stock valued at one to five times their annual base pay within the next two to three years.
Spectrum Brands will hold its annual shareholders meeting March 1 in New York. According to the proxy sent to shareholders, Lumley's pay package totaled 7.1 million in 2012, including a base salary of 882,692, anticipated stock awards and other compensation.
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