The tobacco giant released its latest proxy statement disclosing the total compensation packages paid to its top executives in 2011.
Chairman and CEO Michael Szymanczyk, who will retire next month, received $11.84 million in total compensation last year, down from $24 million in 2010. His 2011 pay consisted of $1.34 million in base salary, millions in stock and cash incentive awards, and other perks, including $300,000 worth of use of the company jet. The big drop in pay is due to $10 million in long-term incentive pay Szymanczyk received in 2010.
CFO Howard Willard received $2.9 million in total compensation last year, including a $600,000 base and $1.7 million in stock awards and incentives.
Vice Chairman David Beran received $4.21 million in total compensation in 2011, down from $9.84 million. His decline in pay was also thanks to long-term incentives received in 2010.
Martin Barrington, also a vice chairman, received a 2011 pay package of $4.61 million, down from $9.17 million. His base salary was $787,000.
Denise Keane, Altria’s general counsel, received $4.28 million in total compensation last year. That’s down from $9.07 million. Her base salary was $781,000.
Altria said its annual shareholders meeting would be May 17, at 9 a.m. at the Greater Richmond Convention Center.
The used car retailer reported its fourth quarter and fiscal year end financials. Its profit for the quarter was $95 million, up from $88.8 million in the same period last year. Its profit for the year was $413.8 million, up from $377.5 million. Its net sales and operating revenue for the year were $10 billion, up from $8.98 billion in fiscal 2011. CarMax sold 105,769 used vehicles in the fourth quarter and 408,080 for the year, up from 99,969 and 396,181, respectively, in fiscal 2010. ? is that add right?
The parent of the Richmond Times-Dispatch said it expects revenue in its print division to decline 8 percent in the first quarter compared with the same period last year. The company is pursuing a sale of its print products.
The company expects that broadcast revenue will grow 12 to 13 percent in the first quarter and that its broadcast cash flow will improve by more than 40 percent, in each case compared with the same period a year ago. It also expects digital revenue to decline approximately 15 percent for the quarter. It said that decline is due the weakness of its DealTaker.com operation. Media General said it anticipates identifying at least $4.5 million in cost savings during 2012. That’s on top of layoffs and furloughs it has instituted over the past few years.
The company approved option awards and cash bonuses for some of its top executives. The bonuses were based on the executives’ contributions to the launch of the company’s Anatabloc dietary supplement, minimal salary increases over the past several years and the lack of annual cash bonuses since 2002.
CFO Park Dodd III received a $5,000 cash bonus and 35,000 option awards.
Robert Pokusa, the company’s general counsel, received a $10,000 bonus and 35,000 options.
Curtis Wright IV, a senior vice president, received a $35,000 cash bonus and options for 50,000 shares.
The parent of Xenith Bank filed its proxy and disclosed the compensation packages paid to its top executives last year.
President and CEO Gaylon Layfield received $284,000 in total compensation in 2011, up from $260,000. That included a $260,000 base salary.
CFO Thomas Osgood received $280,000, including a $234,000 base.
Ronald Davis, chief operating officer and chief technology officer, received $270,000 in total compensation last year, including a $234,000 base.
Wellington Cottrell III, chief credit officer, received $280,000 in total pay in 2011. That included a $234,000 base.
Xenith’s annual shareholders meeting will be at 10 a.m. May 3 at the Commonwealth Club on West Franklin Street.