Human Capital & Careers

From Today’s Proxies: Dow Jones’ Bailey Earned Nearly $1.2 million

Also, the 2000 CFO pay packages at WPS Resources and three other companies.
Michelle GabrielleMarch 16, 2001

Dow Jones & Co. , Inc.’s EVP & CFO Jerome H. Bailey took home nearly $1.2 million last year from all sources of compensation. He earned $576,667 in salary, $458,472 in bonus and $159,017 in all other compensation, according to its most recent proxy. Total Compensation: $1,194,156. In the previous year, Bailey earned $540,000 in salary, $345,275 in bonus and $144,522 in all other compensation.

In related news, Dow Jones increased chairman and CEO Peter Kann’s performance-based bonus by more than a third in 2000, citing goals that the company met over the year. Kann received a bonus of $888,000, up 35 percent from over $656,000 in the previous year, according to a filing with the SEC. The bonus came in addition to his base salary of over $841,000.

The company cited Dow Jones’ financial performance and “the company’s view that the executives performed well against the non-financial measures established under the bonus program.” Last year’s revenues were boosted by robust advertising by fledgling dot-com companies, many of which were still in business by the end of the year.

Despite the ad slowdown in the second half of the year, the company finished 2000 with a 32 percent increase in profits, excluding one-time items, on a 13 percent increase in revenues. Dow Jones shares were off 1.8 percent, or 98 cents, at $52.95 in afternoon trading on the New York Stock Exchange, trolling close to their 52-week low of $51.38 hit in December. The shares reached a 52-week high of $77.31 in June.

Other CFOs whose compensation was released on Friday:

  • Troy Group Inc.’s CFO, treasurer and secretary Del. L. Conrad earned $165,000 in salary, $20,500 in bonus and $9,469 in all other compensation, according to the company’s recently released proxy filing. Total Compensation: $194,969. In the previous year, Conrad earned $140,000 in salary, $40,000 in bonus and $9,457 in all other compensation at the Santa Ana, Calif.-based producer of financial documents and print products.
  • Flowserve Corp.’s VP and CFO Renee J. Hornbaker took home $274,953 in salary, $227,048 in bonus and $5,853 in all other compensation in 2000. Total Compensation: $502,001. In the previous year, Hornbaker earned $259,587 in salary, $45,855 in bonus and $9,863 in all other compensation, at the Irving, Tex.-based maker of fluid handling equipment. On Feb. 6, Flowserve announced that net income for the fourth quarter of 2000 was 50 cents a share, an increase of 117 percent compared with 23 cents a share in the fourth quarter of 1999, before special items in both periods. The company also reported that its fourth quarter operating income increased 306 percent to $64.5 million, excluding special items in both periods.
  • WPS Resources Corp.’s SVP and CFO Daniel P. Bittner earned $162,236 in salary, $6,287 in bonus and $138,287 in all other compensation, according to the Green Bay, Wis.-based company’s recently released proxy filing. Total Compensation: $306,800. In 1999, Bittner took home $154,068 in salary, $4,970 in bonus and $105,452 in all other compensation at the energy holding company.
  • Vectren Corp.’s EVP and CFO Jerome A. Benkert Jr. earned $208,943 in salary, $31,422 in bonus and $164,897 in all other compensation, according to the company’s recently released proxy. Total Compensation: $405,262. In the previous year, Benkert Jr. earned $164,692 in salary, $75,405 in bonus and $24,299 in all other compensation at the Evansville, Ind.-based distributor of electricity and natural gas.