Job Hunting

2000 CFO Compensation: How One Earned Nearly as Much as His Company

Also, the pay packages of finance chiefs at a number of small companies.
Michelle GabrielleJune 22, 2001

Meade Instruments Corp. VP of finance and CFO Brent W. Christensen took home nearly $1 million in total compensation in fiscal 2000.

He received $199,300 in salary, $175,000 in bonus, and $24,850 in other compensation. He also realized $547,430 from exercising options in the Irvine, Calif.-based maker of telescopes. Total Compensation: $946,580.

This is almost as much as his company’s total earnings last year.

In the February 2001 fiscal year, Meade earned $1.3 million on $123 million in revenue, compared to $12 million on $126.8 million in revenue in fiscal 2000.

In the prior fiscal year, Christensen took home $320,300 in total compensation. He received $174,200 in salary, $88,100 in bonus, and $58,000 in other compensation.

In both years, “other compensation” represented the total value of shares of the company’s common stock allocated to Christensen’s ESOP (employee stock option plan) account and amounts deferred under the company’s 401(k) plan.

Christensen served as VP of finance since June 1995 and CFO since April 1996. From August 1993 to June 1995, he worked as the company’s controller. From January 1985 to August 1993, he worked as an audit manager with Ernst & Young LLP.

Christensen is a CPA and has a bachelor of arts degree in business administration from California State University at Fullerton.

Elsewhere among recently released proxies:

Emcor Group, Inc.’s EVP and CFO Leicle E. Chesser took home a total of $897,785.

He received $380,000 in salary, 333,541 in bonus, and $160,170 in restricted stock awards. He also received $15,374 toward amounts reimbursed for the payment of taxes related to certain fringe benefits and $8,700 in other compensation from the Norwalk, Conn.-based specialty construction company.

For 2000, “other compensation” includes matching contributions of $3,600 made by the company under its 401(k) plan, as well as other contributions related to Chesser’s retirement and savings plan.

In 1999, Chesser received $365,000 in salary, $410,000 in bonus, $16,767 toward reimbursement for the payment of taxes upon certain fringe benefits, and $8,400 in other compensation.

Chesser has served as EVP and CFO of Emcor Group since May 1994. From April 1990 to May 1994, he served as EVP and CFO of Comstock Group, Inc., and from 1986 to May 1994, he was EVP and CFO of Spie Group, Inc.

In 2000, Emcor Group earned $40.1 million on $3.5 billion in revenue, compared to $27.8 million on revenue of $2.9 billion in 1999.

  • Bay State Bancorp, Inc.’s SVP and CFO Michael O. Gilles took home $215,988 in the fiscal year that ended in March 2001.

Gilles received $147,000 in salary, $28,000 in bonus, and $40,988 in other compensation from the Brookline, Mass.-based holding company for Bay State Federal Savings Bank.

In the prior fiscal year, Gilles took home $140,000 in salary, $30,000 in bonus, and $22,305 in other compensation. Total Compensation: $192,305.

In both years, “other compensation” includes a company contribution toward his 401(k) and life insurance plans.

Gilles joined Bay State Bancorp in March of 1998 as SVP and CFO. Prior to his current position, Gilles served as SVP and CFO of Cambridgeport Bank from January 1997 through February 1998 and EVP and CFO of Walden Bancorp through January 1997.

In the March 2001 year, the company earned $3.6 million, compared to $2.8 million in the prior year. Total assets grew 6.9 percent, to $491.9 million in fiscal 2001.

Quipp, Inc.’s CFO and treasurer Jeffrey S. Barocas took home a total of $175,619 in 2000.

He received $107,455 in salary, $63,244 in bonus, and $4,920 in other compensation from the Miami-based maker of post-press newspaper- handling equipment.

In 1999, Barocas received $101,436 in salary, $51,914, in bonus, and $4,143 in other compensation. Total Compensation: $157,493.

For both years, “other compensation” refers to amounts contributed by Quipp toward its employee savings and investment plan.

Barocas has been CFO of Quipp since July 1996 and a director of its subsidiary, Quipp Systems, Inc., since May 1998. From 1990 until July 1996, Barocas was CFO of a U.S. subsidiary of London International Group.

In 2000, Quipp earned $5 million on $35.4 million in revenue, compared to $3.7 million on revenue of $31.6 million in 1999.

Cagles, Inc. paid its SVP of finance, CFO, and treasurer, Kenneth R. Barclay a respectable $157,283 in the fiscal year that ended March 2001.

He received $151,801 in salary and $5,482 in other compensation from the Atlanta-based poultry company.

In fiscal (March) 2000, Barkley took home $146,530 in salary, $41,081 in bonus, and $8,521 in other compensation. Total Compensation: $196,132.

In both years, “other compensation” includes payments pursuant to the company’s 401(k) plan, its nonqualified savings plan, and its medical reimbursement plan.

Barkley has served as director, treasurer and CFO of Cagles since July 1977 and was given the added title of SVP of finance in July 1993.

In the March 2001 year, Cagles lost $9 million on revenue of $279.7 million, compared with a profit of $9.9 million on revenue of $322.2 million in March 2000.

U.S. Liquids, Inc.’s CFO, SVP, and CFO Earl J. Blackwell took home $225,250 in total compensation.

He received $220,000 in salary and $5,250 in other compensation from the Houston, Tex.-based liquid waste management company.

In 1999, Blackwell received $217,000 in salary and $5,000 in other compensation. Total Compensation: $222,000.

In both years, “other compensation” refers to company contributions toward a 401(k) plan.Blackwell is a co-founder of U.S. Liquids and has served as its CFO, SVP of finance, and secretary since November 1996. From 1991 to December 1996, he was divisional CFO for Sanifill and controller for Campbell Wells L.P. and Campbell Wells NORM L.P. During this time, Blackwell was responsible for organizing and managing the financial and administrative functions of this division including the design, installation and management of a financial reporting and management system interfacing with Sanifill’s general accounting system.

In 2000, U.S. Liquids lost $25.4 million on revenue of $247.9 million, compared to a loss of $1.2 million on revenue of $231.8 million in 1999.

Eloquent, Inc.’s CFO, secretary, and treasurer R. John Curson earned a total of $202,351 in 2000, doubled what he earned the prior year.

That year, he received $166,731 in salary, $35,467 in bonus.

In 1999, Curson received $98,622 in salary and $7,814 in bonus. Total Compensation: $106,436.

Curson has served as Eloquent’s CFO, secretary, and treasurer since June 1999 and was named to the office of the president in November 2000. Prior to that, Curson has held several financial positions.

Curson holds a bachelor of science degree in mechanical engineering from the University of Leeds. He also holds two masters degrees in business administration: one from the University of Leeds and the other from the UCLA.

In 2000, Eloquent lost a whopping $51.3 million on revenues of just $14.8 million. In the prior year, it lost $16.6 million on revenues of $12.5 million.

  • Cambex Corp. paid its EVP, CFO, and treasurer Peter J. Kruy $100,385 last year, all from salary.

In 1999, Kruy took home $85,000 from the Waltham, Mass.-based developer of fibre channel hardware and software.

Kruy has served as EVP, treasurer and CFO of Cambex since August 1998. From November 1993 to January 1998, he was the president, CFO and CEO of Jupiter Technology, Inc., a data networking company.

Kruy holds a bachelor of arts in biology from the University of Pennsylvania, an M.D. from Tufts University School of Medicine and an MBA. from the Wharton School at the University of Pennsylvania. Kruy is also the owner of CyberFin Corp., a more than five percent shareholder of Cambex.

In 2000, Cambex lost $2 million on revenue of just $2.4 million. The prior year, it squeezed out a $100,000 profit on revenue of $3.4 million.