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2000 CFO Pay: Polaroid’s Former CFO Took Home $1.4 Million

Also, Motorola's Koenemann earned more than $1 million and more.
Michelle GabrielleApril 2, 2001

Judith G. Boynton, Polaroid Corp.’s former CFO and EVP of business development took home $1.43 million in total compensation in 2000.

Boynton, who resigned on Jan. 26, 2001, earned $436,546 in salary, $33,294 in bonus, and $28,903 in other compensation at the Cambridge, Mass.-based camera and film maker. She also received $77,903 in a long- term payout and $854,250 in restricted stock awards.

In 1999, Boynton earned $386,543 in salary, $400,000 in bonus, and $29,698 in other compensation.

Under the terms of her contract, she is entitled to receive 24 months of pay, an annual bonus through the 24-month period based on actual performance of the company, full vesting of all options and restricted stock, a pro-rata distribution of performance awards granted to her prior to her resignation as well as medical, dental, life, and disability insurance for a 24-month period.

Boynton’s position was filled temporarily by the company’s former treasurer, Carl L. Lueders. Then on March 16, Polaroid passed on the role to Andra S. Bolotin, VP of corporate strategy. Bolotin, 38, had joined Polaroid in 1997 from consulting firm McKinsey & Co.. Prior to that, she held sales & marketing, consulting and technical positions at IBM.

Polaroid’s stock is currently trading around $4.16, down more than 82 percent from its 52-week high of $25.69, set last March 27.

Last month, the company announced a restructuring plan as part of an attempt to refinance its nearly $500 million in debt. Last week Moody’s Investor’s Service cut Polaroid’s credit and debt ratings three notches.

  • Dial “M” for Millions

Schaumburg, Ill.-based Motorola, Inc.’s VP and CFO Carl F. Koenemann took home over $1 million in 2000, according to the company’s recently released proxy.

He received $570,000 in salary, $570,000 in bonus, and $11,996 in other compensation, which includes premiums paid under the company’s life insurance plan and contributions made by the company to the 401(k) plan.

In 1999, Koenemann earned $450,000 in salary, $500,00 in bonus, and $14,373 in other compensation.

One-time high-flier Motorola has already announced a total of 22,000 job cuts this year, or 15 percent of its total workforce, as the number two cell-phone maker behind Nokia has said a dramatic sales slowdown would likely lead to the company’s first quarterly operating loss in 15 years.

  • CFO Power

Manpower, Inc.’s SVP, CFO and secretary, Michael J. Van Handel took home $310,000 in salary, $245,000 in bonus, and $12,010 in other compensation at the Milwaukee, Wis.-based temporary employment company. He also received $137,131 in a long-term payout award. Total Compensation: $710,369.

In 1999, he earned $225,000 in salary, $180,000 in bonus, and $3,804 in other compensation. For both years, “other compensation” included the dollar value of the company’s contribution to accounts under its savings plan.

Under his employment agreement, Van Handel is entitled to receive an annual base salary of $225,000 or more as determined by the executive compensation committee and an annual incentive bonus recommended by the CEO and approved by the committee. If Van Handel’s employment is terminated by the company for other than cause or by Van Handel for good reason, he is entitled to receive: all base compensation and other benefits that he was entitled through his date of termination, including a prorated bonus; one year of base compensation (two times this amount if termination is in connection with a change of control), plus the highest incentive bonus paid to him during the prior three years (two times this amount if termination is in connection with a change of control); and certain other benefits as specified in the agreement.

Manpower’s net income for the year totaled $171.2 million, up 14 percent from $150 million in 1999. Revenues for the year rose 11 percent to $10.8 billion.

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No Complaint Department

Department 56, Inc. paid EVP and CFO Tom Tomlinson $245,000 in salary, $50,000 in bonus, and 33,961 in other compensation, according to the company’s recently released proxy.

He also received $29,777 in restricted stock awards from the Eden Prairie, Minn.-based seller of giftware and collectibles. Other compensation reflects term life insurance premiums, disability insurance premiums, tax reimbursements, and matching contributions to the company’s 401(k) plan. Total Compensation: $358,738.

In 2000, Department 56’s revenues were $234.1 million, down from $255.5 million in the prior year. Net income was $20.8 million, a decline of more than 50 percent from $42.7 million in the prior year. The 2000 results were impacted by the $12 million reserve charges related to 1999 overdue receivables taken in the first quarter of this year. Excluding these charges, revenue for 2000 would have been $240.6 million, with net income of $28.2 million.

Chemical Reaction

Kingsport, Tenn.-based Eastman Chemical Co.’s SVP and CFO James P. Rogers more than doubled his base salary last year, according to the company’s recently released proxy.

In 2000, he took home $357,500 in salary, $306,323 in bonus, and $22,495 in other compensation. He also received $520,506 in restricted stock awards. Total Compensation: $1,206,824.

In 1999, Rogers was paid a $127,273 salary, $253,923 in bonus, and $14,470 in other compensation. He also received restricted stock awards totaling $579,125. Total Compensation: $974,791.

When he joined the chemical, fiber and plastic producing company in August 1999, Rogers was granted a special option to purchase 192,000 shares of Eastman common stock at an exercise price of $51.25. Also in August 1999, Rogers was awarded 11,300 restricted shares of common stock, which restrictions lapsed on the first anniversary of his employment.

In August 2000, he was awarded an additional 11,300 restricted shares of common stock, with restrictions lapsing on the second anniversary of his employment. Subject to continued employment with the company, Rogers will be awarded 11,300 restricted shares of common stock on the second anniversary of his employment with the company, with restrictions lapsing on the third anniversary of his employment date

Aided by acquisitions, Eastman Chemical’s consolidated revenue increased 15 percent to a record $5.3 billion, as compared to $4.6 billion in 1999. Net earnings increased from $48 million in 1999 to $303 million in 2000.