Human Capital & Careers

2000 CFO Pay: Lexmark’s Morin Prints Out Nearly $340,000

Also, the pay packages of four other CFOs.
Michelle GabrielleMarch 22, 2001
  • Lexmark International, Inc.’s EVP and CFO G.E. Morin earned $335,233 in salary and $4,239 in bonus, according to the Lexington, Ky.-based printer maker’s recently released proxy filing. Total Compensation: $339,472. In the previous year, Morin earned $302,932 in salary and $3,416 in bonus. For 2000, the company earned $285.4 million on revenue of $3.8 billion, compared to $318.5 million on revenue of $3.5 billion in 1999.

Avalon Holdings Corp.’s CFO and treasurer Timothy C. Coxson earned $113,333 in salary, $96,118 in bonus, and $6,800 in other compensation, according to the company’s recently released proxy filing. Total Compensation: $216,251. In the previous year, Coxson earned $110,000 in salary, $82,302 in bonus, and $6,400 in other compensation at the Warren, Ohio-based provider of waste, transportation and environmental services. For 2000, the company doubled earnings to $2.4 million on a slight increase in revenue, to $84.3 million.

CSS Industries, Inc.’s VP of finance and CFO Clifford E. Pietrafitta earned $165,000 in salary, $148,500 in bonus, and $9,264 in other compensation, according to the company’s recently released proxy filing. Total Compensation: $322,764. In the previous year, Pietrafitta earned $150,000 in salary and $10,233 in other compensation at the Philadelphia-based maker of seasonal consumer products. For 2000, the company earned $18.2 million on revenue of $421.1 million, compared to $18.1 million on revenue of $392.6 million in 1999. The increase in 2000 sales was primarily attributable to 4 percent growth in CSS’ base businesses, offset partially by reduced sales of discontinued products. Sales for the fourth quarter declined 2 percent as certain customers deferred shipments of Valentine and Easter products into January 2001. In total, the year and fourth quarter were negatively impacted by approximately $3 million of deferred customer sales. Despite these deferrals, which reduced earnings by approximately $0.06 per share, earnings per share for the year ended 2000 improved 10 percent to $2.02 from $1.84 in 1999. Growth in income from operations and the benefit from the company’s continuing stock repurchase program were the primary drivers of earnings growth in 2000.

  • D & E Communications, Inc.’s VP, CFO and treasurer Thomas E. Morrell earned $126,538 in salary, $94,531 in bonus, and $8,452 in other compensation, according to the company’s recently released proxy filing. Total Compensation: $229,541. In the previous year, Morrell earned $111,538 in salary, $49,579 in bonus, and $5,183 in other compensation at the Lancaster, Penn.-based telecommunications firm. For 2000, the company earned $11.6 million on revenue of $74 million, compared to $8.9 million on revenue of $63.5 million in 1999. During 2000, D & E acquired two companies that provide computer networking services.
  • Empire District Electric Co.’s VP of finance R.B. Fancher earned $127,000 in salary, $16,595 in bonus, and $5,012 in other compensation, according to the company’s recently released proxy filing. Total Compensation: $148,607. In the previous year, Fancher earned $117,000 in salary, $12,230 in bonus, and $5,276 in other compensation at the Joplon, Mo.-based utility. For 2000, the company earned $23.6 million on revenue of $260 million, compared to $22.2 million on revenue of $242.2 million in 1999.