If you want to make the big bucks in Richmond, cigarettes are still where it’s at.
The chief executive of Altria remained the highest paid CEO among Richmond’s publicly traded companies last year, according to the firm’s 2013 compensation filings.
Of the 13 local public companies examined by BizSense, the value of total compensation packages paid to their CEOs in 2013 rose by an average of $749,000, or 10.6 percent, compared with 2012.
Total compensation, as disclosed by the companies in their recently released proxy statements, includes base salary, stock and option awards, change in the value of their pensions, deferred compensation, nonequity incentive awards and other perks.
Five of the 13 saw the value of their total compensation packages fall during 2013, compared with the previous year’s. But those declines were largely caused by a drop in the value of stock awards or pensions and other deferred compensation.
Martin Barrington (File photo)
Each of the 13 CEOs saw their base salaries rise by an average of 7.16 percent in 2013, or a bump of $43,200 for the year.
At the top of the pack was Altria’s Marty Barrington, whose total 2013 pay package was valued at $20.13 million. That’s up $8 million from 2012 and far outpaced those of his local peers last year.
Barrington benefitted in part from an $8 million cash incentive payment tied to the company’s performance from 2011 to 2013. He also received a $2.5 million annual incentive payout last year.
Barrington’s base salary for 2013 was $1.19 million, a raise of $170,000 from the previous year.
Next down the pay scale was Genworth Financial’s new chief executive Thomas McInerney. He received total compensation of $11.98 million. That included a base salary of $973,000, a $3 million annual incentive payout and $25,000 for relocation expenses, among other perks. McInerney took the helm in January 2013, coming over from the Boston Consulting Group.
Third among the group was Dominion Resources’ Tom Farrell, routinely among the top paid local CEOs. He saw his total compensation fall in 2013 to $10.91 million from $12.19 million in 2012, though the drop was related to a change in the value of his pension and deferred compensation.
Dominion CEO Thomas Farrell
Farrell’s base salary jumped $40,000 to $1.34 million. He also received $5.15 million in incentive pay and $4.2 million in stock awards.
The top five was rounded out by CarMax’s Tom Folliard and MeadWestvaco’s John Luke with pay packages of $7.4 million and $6.3 million respectively.
Markel’s Alan Kirshner saw the biggest percentage rise in total compensation during 2013, a year in which the insurer closed a $3 billion acquisition in Bermuda. His pay package jumped to $5.1 million from $2.08 million, a 145 percent increase. That was fueled by $3.1 million in stock awards, a $900,000 incentive payment and a $225,000 bonus.
Among the more expensive CEO perks disclosed by the companies were use of company jets, car allowances, financial planning, executive fitness evaluations and home security.
Altria’s Barrington received $177,000 worth of use on the company jet. Farrell spent $103,000 worth of time in the sky on the Dominion aircraft.
CarMax, the king of used cars, gave Folliard a $10,200 car allowance and more than $100,000 worth of time on the corporate jet.
MeadWestvaco’s John Luke received $74,000 worth of home security, far more than that paid for any other local executive.
Not included in the analysis are the pay packages for James River Coal and Star Scientific’s chief executives. Neither company had filed its 2013 compensation data as of press time.
And for those ambitious future CEOs out there: It helps to be named “Thomas.” Six of the 13 chiefs have the first name Thomas.
Read More: Executive Pay: Invasion of the Super salaries (NY Times)
If you want to make the big bucks in Richmond, cigarettes are still where it’s at.
The chief executive of Altria remained the highest paid CEO among Richmond’s publicly traded companies last year, according to the firm’s 2013 compensation filings.
Of the 13 local public companies examined by BizSense, the value of total compensation packages paid to their CEOs in 2013 rose by an average of $749,000, or 10.6 percent, compared with 2012.
Total compensation, as disclosed by the companies in their recently released proxy statements, includes base salary, stock and option awards, change in the value of their pensions, deferred compensation, nonequity incentive awards and other perks.
Five of the 13 saw the value of their total compensation packages fall during 2013, compared with the previous year’s. But those declines were largely caused by a drop in the value of stock awards or pensions and other deferred compensation.
Martin Barrington (File photo)
Each of the 13 CEOs saw their base salaries rise by an average of 7.16 percent in 2013, or a bump of $43,200 for the year.
At the top of the pack was Altria’s Marty Barrington, whose total 2013 pay package was valued at $20.13 million. That’s up $8 million from 2012 and far outpaced those of his local peers last year.
Barrington benefitted in part from an $8 million cash incentive payment tied to the company’s performance from 2011 to 2013. He also received a $2.5 million annual incentive payout last year.
Barrington’s base salary for 2013 was $1.19 million, a raise of $170,000 from the previous year.
Next down the pay scale was Genworth Financial’s new chief executive Thomas McInerney. He received total compensation of $11.98 million. That included a base salary of $973,000, a $3 million annual incentive payout and $25,000 for relocation expenses, among other perks. McInerney took the helm in January 2013, coming over from the Boston Consulting Group.
Third among the group was Dominion Resources’ Tom Farrell, routinely among the top paid local CEOs. He saw his total compensation fall in 2013 to $10.91 million from $12.19 million in 2012, though the drop was related to a change in the value of his pension and deferred compensation.
Dominion CEO Thomas Farrell
Farrell’s base salary jumped $40,000 to $1.34 million. He also received $5.15 million in incentive pay and $4.2 million in stock awards.
The top five was rounded out by CarMax’s Tom Folliard and MeadWestvaco’s John Luke with pay packages of $7.4 million and $6.3 million respectively.
Markel’s Alan Kirshner saw the biggest percentage rise in total compensation during 2013, a year in which the insurer closed a $3 billion acquisition in Bermuda. His pay package jumped to $5.1 million from $2.08 million, a 145 percent increase. That was fueled by $3.1 million in stock awards, a $900,000 incentive payment and a $225,000 bonus.
Among the more expensive CEO perks disclosed by the companies were use of company jets, car allowances, financial planning, executive fitness evaluations and home security.
Altria’s Barrington received $177,000 worth of use on the company jet. Farrell spent $103,000 worth of time in the sky on the Dominion aircraft.
CarMax, the king of used cars, gave Folliard a $10,200 car allowance and more than $100,000 worth of time on the corporate jet.
MeadWestvaco’s John Luke received $74,000 worth of home security, far more than that paid for any other local executive.
Not included in the analysis are the pay packages for James River Coal and Star Scientific’s chief executives. Neither company had filed its 2013 compensation data as of press time.
And for those ambitious future CEOs out there: It helps to be named “Thomas.” Six of the 13 chiefs have the first name Thomas.
Read More: Executive Pay: Invasion of the Super salaries (NY Times)
So glad to see that their average base pay rose by just over the equivalent of one household’s income in Richmond. For a second I was worried that they weren’t paid enough!
I think I am going to change my first name to “Thomas”.
Let’s put this in perspective…. How about Robinson Cano’s percentage increase in salary for playing baseball. How many jobs is he responsible for?
You can place any other overpaid athletes and entertainers in the same category.
The responsibilities of a CEO to employees and stockholders is huge. If the company succeeds they have earned their salaries , bonus and stock options. If they don’t perform they should be fired, and not have exorbitant exit deals.
That’s quite different from the IRS employees, for example, who haven’t paid their income tax but still got their bonus.