James Welch $701,500.00 in 2012 $305,128.00 in 2011 That's base salary page 43 SinC.......
If you continue to read the rest of those lines - you will discover that TOTAL COMP is:
$ 3,484,385 in 2011
and
$ 1,554,756 in 2012 -
That is a pay cut of $ 1,929,629 or 55% between the two years. We need to look at the total picture, don't we?
Page 40 - compensation risk assessment ~
"Our Compensation Committee has reviewed our compensation policies and practices, including incentive
programs, to ensure they do not encourage unreasonable or excessive risk-taking. Based upon this review, we
believe our compensation policies and practices are not reasonably likely to expose us to unreasonable or
excessive risk that could have a material adverse effect on us."
~ does this statement not say that they are changing the compensation structure to put more in 'base' and less in 'incentives' so that risk taking is brought to a min?
May I ask a question? did you read page 31 - 43 or did you just find the numbers and become angry? There is a lot of information in those pages... to form opinions on....
Bottom line - the TOTAL compensation has decreased by 55% that is a fact. Does it really matter to you, who want's cuts, WHERE that decrease came from?
I also argue this - in your argument - his BASE salary went UP... if that is as far as we look into the situation, then I could argue that Rank-and-File will receive a raise in 2015 of $ 0.85 per hour and a raise each year there-after of $1.43 per hour. I could also argue that when there was not a WAGE increase for non - CDL employees they were in-fact getting a $1.00 per hour increase in their "compensation" package. After all - they are gaining something. While I will concede this is a stretch.. it's no different than you stopping your reading at "BASE" salary for executives.
Thoughts?