Human Capital & Careers

Mid-cap CFOs Get Big Pay Packages

Proxies for Sherwin-Williams, Kirby, TCF Financial, Kaman, and Timken are released.
Stephen TaubMarch 10, 2006

You didn’t have to work for a large company to have earned large sums of money in 2005. Just ask the finance chiefs at several mid-cap companies whose incentive pay dwarfed salaries.

For example, Sean Hennessy, chief financial officer and senior vice president of finance for Sherwin-Williams, a $6.1 billion (in market capitalization) building-materials company, earned $3.8 million. According to the company’s recently filed proxy, nearly $2.1 million of the total was the result of realized gains on exercising stock options. Otherwise, his salary was a little more than $432,000 and his bonus was $519,000.

Norman Nolen, executive vice president and chief financial officer of Kirby Corp., a $1.5 billion provider of marine transportation and diesel engine services, took home a package totaling $5.5 million. Exercised options accounted for $4.5 million of the earnings, or about 80 percent of the total. He also earned $176,601 in long-term incentive plan (LTIP) payouts for the 2003–2005 performance period. His salary was $277,160, up less than $8,000 from the previous year.

Neil Brown, chief financial officer — he added the title of president at the beginning of this year — of TCF Financial, the $3.4 billion holding company for TCF Bank, earned a little more than $3 million. The bulk of his pay, $2.3 million, was from LTIP payouts. His salary was $300,000, the same as the previous two years.

Robert Garneau, CFO of Kaman Corp., a $563 million industrial-products distributor, earned more than $1.7 million. His salary was $525,000, up $25,000 from the previous year. He also received a $466,000 bonus — his first bonus in two years — and about $338,000 from LTIP awards, a payout he did not take home the previous year.

Glenn Eisenberg, executive vice president of finance and administration of Timken Corp., a $2.8 billion maker of bearings and steel products, took home nearly $2.1 million. That included $448,000 in LTIP payouts, a $550,000 salary, and a $495,000 bonus.

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