A little extra lands in former CEO’s paycheck

Marshall Morton

Marshall Morton (Courtesy of Media General)

Sometimes it pays to step down.

Proxy statements released last week revealed compensation packages paid to the heads of some of Richmond’s biggest companies in 2012, including a big bump for an outgoing chief executive.

Marshall Morton, who retired as chief executive of downtown-based Media General at the end of 2012, received $3.23 million in total compensation last year, up from $1.43 million in the previous year.

That total included a $938,000 base salary – up $54,000 from 2011 – plus $440,000 in stock awards, almost $1 million in incentive pay and other perks.

Media General spent 2012 unloading its newspaper operations, including the Richmond Times-Dispatch. It cut a deal with Warren Buffet’s Berkshire Hathaway in June to sell all but one of its newspapers for $142 million. It sold the last of its papers in October for $9.5 million.

Now a TV-centric media company, the firm finished the year with a net loss of $193 million, fueled largely by losses related to the divestiture of the newspapers.

Its TV station revenue was $359 million for the year, up from $280 million in 2011.

A few blocks further downtown, Dominion Resources chief executive Thomas Farrell – routinely one of the highest paid executives in the area – received $12.19 million in total compensation in 2012.

That’s down more than $1 million from $13.99 million in 2011 and a continued decline from 2010, when his total pay package was $16.92 million.

Farrell’s 2012 total included a $1.3 million base salary, $3.5 million in stock awards, $3.2 million in incentive pay and other perks.

Notable perks for Farrell included $80,000 worth of personal use of the company jet during 2012. The company directs him to use the corporate jet for all personal travel.

The utility company brought in $13.09 billion in revenue in 2012, down from $14.1 billion the previous year. Its 2012 net income was $302 million, down from a profit of $1.4 billion in 2011.

Dominion’s other top four executives all saw their total compensation rise compared with 2011.

Thomas Schievelbein, the new chief executive at West End-based armored transport giant Brink’s, received $5.39 million in total pay in 2012. Schievelbein took the position permanently in June.

His 2012 total included a $790,000 base salary, a $741,000 bonus and other perks. Notable perks for Schievelbein included $84,000 in moving expenses and relocation allowance and $35,000 in temporary housing costs. He also received $17,000 worth of travel and entertainment costs for himself and his spouse.

Brink’s revenue for 2012 was $3.84 billion, up from $3.76 billion in 2011.

Its net income for the year was $88.9 million, up from $74.5 million in 2011.

Brink’s took a hit last month after a dramatic diamond heist in Belgium. The company was one of several security firms handling shipments of the diamonds that were stolen, though it did not reveal the cost of the loss.

Marshall Morton

Marshall Morton (Courtesy of Media General)

Sometimes it pays to step down.

Proxy statements released last week revealed compensation packages paid to the heads of some of Richmond’s biggest companies in 2012, including a big bump for an outgoing chief executive.

Marshall Morton, who retired as chief executive of downtown-based Media General at the end of 2012, received $3.23 million in total compensation last year, up from $1.43 million in the previous year.

That total included a $938,000 base salary – up $54,000 from 2011 – plus $440,000 in stock awards, almost $1 million in incentive pay and other perks.

Media General spent 2012 unloading its newspaper operations, including the Richmond Times-Dispatch. It cut a deal with Warren Buffet’s Berkshire Hathaway in June to sell all but one of its newspapers for $142 million. It sold the last of its papers in October for $9.5 million.

Now a TV-centric media company, the firm finished the year with a net loss of $193 million, fueled largely by losses related to the divestiture of the newspapers.

Its TV station revenue was $359 million for the year, up from $280 million in 2011.

A few blocks further downtown, Dominion Resources chief executive Thomas Farrell – routinely one of the highest paid executives in the area – received $12.19 million in total compensation in 2012.

That’s down more than $1 million from $13.99 million in 2011 and a continued decline from 2010, when his total pay package was $16.92 million.

Farrell’s 2012 total included a $1.3 million base salary, $3.5 million in stock awards, $3.2 million in incentive pay and other perks.

Notable perks for Farrell included $80,000 worth of personal use of the company jet during 2012. The company directs him to use the corporate jet for all personal travel.

The utility company brought in $13.09 billion in revenue in 2012, down from $14.1 billion the previous year. Its 2012 net income was $302 million, down from a profit of $1.4 billion in 2011.

Dominion’s other top four executives all saw their total compensation rise compared with 2011.

Thomas Schievelbein, the new chief executive at West End-based armored transport giant Brink’s, received $5.39 million in total pay in 2012. Schievelbein took the position permanently in June.

His 2012 total included a $790,000 base salary, a $741,000 bonus and other perks. Notable perks for Schievelbein included $84,000 in moving expenses and relocation allowance and $35,000 in temporary housing costs. He also received $17,000 worth of travel and entertainment costs for himself and his spouse.

Brink’s revenue for 2012 was $3.84 billion, up from $3.76 billion in 2011.

Its net income for the year was $88.9 million, up from $74.5 million in 2011.

Brink’s took a hit last month after a dramatic diamond heist in Belgium. The company was one of several security firms handling shipments of the diamonds that were stolen, though it did not reveal the cost of the loss.

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