Human Capital & Careers

From the Proxies: Broadcasting a Pay Increase

CFOs of Internet, Radio broadcasters did well; real estate, software, and banking companies report.
CFO StaffMarch 20, 2001
  • Quokka Sports, Inc.’s EVP and CFO Lee Schmidt earned $255,000 in salary, $20,000 in bonus, $2,825 in all other compensation and $96,250 in exercised options, according to the company’s recently released proxy filing. Total Compensation: $374,075. In the previous year, Schmidt earned $234,255 in salary and $25,000 in bonus at the San Francisco-based producer and broadcaster of interactive sports programs on the Internet. On February 23, Quokka Sports announced it had completed a reduction and restructuring of its $77.4 million of convertible notes issued in September 2000. The company said that it successfully restructured the notes to significantly reduce and improve the terms of its debt and limit the dilution of its common stock. Through the restructuring and recent conversions of notes into common stock, the total amount of notes outstanding, including interest, had been reduced to $52.1 million. In connection with the convertible note restructuring, the company repurchased $24 million of notes for $12 million cash. The conversion price of the $52.1 million of notes remaining outstanding had been fixed at 75 cents per share.
  • Clear Channel Communications’s EVP and CFO Randall T. Mays took home $655,000 in salary, $1,502,800 in bonus and other compensation and $1,539,056 in exercised options in 2000. Total Compensation: $3,696,856. In the previous year, Mays earned $352,500 in salary and $897,800 in bonus and other compensation at the San Antonio, Tex.-based owner, programmer and seller of radio stations. On February 13, Clear Channel Communications announced net revenues of $5.3 billion for the year ending December 31, 2000, up from $2.66 billion in 1999. In 2000, total net income was $249.8 million, an increase from $72.5 million in 1999.
  • Nationwide Health Properties, Inc.’s SVP and CFO Mark L. Desmond earned $214,000 in salary, $85,500 in bonus and $8,560 in all other compensation, according to the company’s recently released proxy filing. Total Compensation: $308,060. In the previous year, Desmond earned $204,000 in salary, $50,000 in bonus and $8,150 in all other compensation at the Newport Beach, Calif.-based real estate investment trust company. On January 22, the company reported that the net income available to common- stock holders was $63,485,000, or $1.37 per share, compared with $63,136,000, or $1.37 per share for 1999. Included in net income for 2000 was a gain on sale of facilities of $1,149,000, or 2 cents per share. Included in net income for 1999 was a loss on sale of facilities of $335,000, or 1 cent per share.
  • Progress Software Corp.’s CFO and SVP of finance and administration Norman R. Robertson earned $230,500 in salary, $70,201 in bonus, $18,541 in all other compensation, and $151,459 in exercised options, according to the most recent proxy filed by the Bedford, Mass.-based software company. Total Compensation: $470,701. In the previous year, Robertson earned $220,000 in salary, $115,057 in bonus, and $27,899 in all other compensation. Total revenue for the year ending November 2000 was $271.3 million, down from $286.1 million in 1999. For the year ending November 2000, total net income was $33.7 million, dropping from $35 million in 1999.
  • CCBT Financial Companies, Inc.’s CFO and treasurer Noal D. Reid earned $120,744 in salary, $315,536 in bonus and $18,119 in all other compensation, according to the most recent proxy filed by the Hyannis, Mass.-based holding company for Cape Cod Bank and Trust. Total Compensation: $454,399. In the previous year, Reid earned $114,972 in salary, $256,164 in bonus and $18,119 in all other compensation. The company’s total net income was $17.3 million for the year ending December 31, 2000. In 1999, net income totaled $16.5 million. According to a February 2 press release, CEO and president, Stephen B. Lawson stated that “the higher earnings for the year 2000 resulted largely from an 18.5 percent increase in the Bank’s net interest income due to increased commercial loans and residential mortgages, increased deposits, and improved yields on investment securities and loans.”

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