ANNAPOLIS, MD – James Francis, president and chief executive of Chesapeake Lodging Trust, saw his compensation fall to $4.5 million in 2016, compared to $4.8 million in 2015, according to a filing with the Securities and Exchange Commission.
The drop in total compensation reflected a 50.8 percent decrease in the chief executive’s compensation from Chesapeake’s non-equity incentive plan. The incentives totaled only $323,000 for Francis in 2016, compared to $657,000 in 2015.
The cash bonus incentives are awarded to executives based on their achievement of pre-determined performance goals.
Chesapeake reported annual income of $76.7 million in 2016, but despite net income growth of 13.6 percent last year, the company performed below analysts’ income expectations in its three most recent quarters.
As a result, Chief Financial Officer Douglas Vicari and Chief Operating Officer D. Rick Adams also saw their total compensation fall in 2016, each by 4.8 percent. The executives each made $2.0 million in total compensation for the year.
Meanwhile, the company’s chief accounting officer, Graham Wootten, saw a slight uptick in his total compensation, which was slightly above $1.2 million for the year. His decrease in incentive-related compensation was offset by a $50,000 increase in share awards for the year.
Annapolis-based Chesapeake Lodging Trust is a self-advised real estate investment trust focused on investments in upscale hotels and select-service premium hotels. The company completed its initial public offering in January 2010 and now owns 22 properties across the nation.
Chesapeake Lodging will hold its annual shareholder meeting on May 17 at the Courtyard Washington Capitol Hill, its sole D.C. property. The company will release first-quarter earnings results on April 25.
Shares of Chesapeake Lodging’s stock closed at $23.22 on Friday, falling 2.0 percent on the day of the filing.
The filing can be found here.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism