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2000 CFO Pay: Weyerhaeuser’s Stivers Enjoyed a 26 Percent Pay Hike

His bonus exceeded his salary last year.
Michelle GabrielleMay 9, 2001

Weyerhaeuser Co.’s EVP and CFO William C. Stivers hauled home over $1 million in 2000, or 26 percent more than he earned in the prior year.

He received $453,677 in salary, a $595,012 bonus, and $9,770 in other compensation from the Tahoma, Wash.-based forest products company. Total Compensation: $1,058,459.

In 1999, Stivers received $402,745 in salary, a $424,643 in bonus, and $11,597 in other compensation. Total Compensation: $838,985.

In both years, “other compensation” represents a company contribution to Stivers’s 401(k) and profit sharing accounts.

Stivers became CFO in 1990 and added the EVP title in 1998. He had joined Weyerhaeuser as finance manager in 1970 and became treasurer of the newly formed Weyerhaeuser Real Estate Co. In 1972, he was promoted to treasurer of the parent company.

Stivers earned a B.A. degree from Stanford University in 1960 and an MBA from the University of Southern California in 1963. He received a certificate from the Pacific Coast School of Banking in 1969, and completed the advanced management program at Harvard Graduate School of business administration in 1977.

Weyerhaeuser earned $840 million on $16 billion in revenue in 2000, compared to $527 million on $12.3 billion revenue in 1999.

These days, Stivers has been in charge of managing and securing the financing for the potential purchase of Willamette Industries, Inc., a Portland, Ore.-based maker of pulp, paper, and wood products.

Recently, Weyerhaeuser raised its hostile offer to $50 per share, or $5.5 billion from $48 per share, or $5.3 billion. It also said that it would assume $1.7 billion in Willamette debt.

However, on Wednesday morning Willamette turned down the latest offer.

Willamette shares closed Tuesday at $48.47, down 18 cents, after hitting $49.10 earlier in the day. Weyerhaeuser lost 75 cents, closing at $56.35.