Category: Executive compensation (page 1 of 3)

Pebblebrook CEO Bortz sees 13.9 percent increase in compensation

pebblebrookBETHESDA, MD – The chairman, president and chief executive officer of Pebblebrook Hotel Trust saw a 13.9 percent increase in total compensation to $4.1 million in 2016, according to the company proxy filed with the Securities and Exchange Commission.

Jon Bortz’s total compensation in 2015 was $3.6 million.

Bortz’s base salary has remained at $750,000 since 2014, while his non-equity incentive plan compensation increased 46.1 percent in 2016 to $1,687,500 from $1,155,000 the year before.

Bortz has served as chairman, president and CEO since the company’s founding in 2009. Prior to Pebblebrook, Bortz served as the president and CEO of LaSalle Hotel Properties, a publicly traded hotel REIT, since its establishment in 1998.

He is a current member of the board of governors of the National Association of Real Estate Investment Trusts and serves as the treasurer, as well as a member of the board of directors, for the American Hotel & Lodging Association. Additionally, Bortz serves on the board of trustees of the Federal Realty Investment Trust.

Executive Vice President and Chief Financial Officer Raymond Martz saw a 5.7 percent increase in total compensation in 2016 to $1,806,088 from $1,708,570 in 2015. His base salary increased $50,000 to $450,000 in 2016. Martz also serves as the Treasurer and Secretary of Pebblebrook.

Pebblebrook Hotel Trust is a real estate investment trust that acquires and invests in upper upscale, full service hotel and resort properties in major U.S. cities. The company owns 29 hotels located in 10 states and the District of Columbia.

The company’s net income for the first quarter of 2017 was $14.1 million, down $2.5 million from the same period in 2016.

Pebblebrook’s annual meeting of shareholders will be held on June 30 at 9 a.m. in Washington, D.C.

The company’s stock closed Friday at $29.76, down $1.44, or 4.62 percent.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Omega Healthcare bumps CEO Pickett’s bonus up 25 percent after strong earnings

OmegaHUNT VALLEY, MD — Omega Healthcare Investors Inc. paid Chief Executive Officer Taylor Pickett $6.7 million in compensation in 2016, up from $6 million in 2015, according to a filing with the Securities and Exchange Commission.

Pickett, 55, has led Omega since 2001.

His 2016 bonus of $1.4 million increased by 25.3 percent from last year. His total cash bonus for the year includes his bonus of $360,000 and his non-equity incentive plan compensation of $1.1 million, which increased 33.3 percent from the previous year.

Pickett was given stock awards of $4.5 million, up 8.5 percent from 2015. He made $2.5 million in vested stock awards based on the Dec. 31 closing price of $31.  

Shares of Omega were trading flat Tuesday afternoon around $34 a share.

In February, Omega reported an earnings increase that exceeded analyst expectations of 48 cents per share by 31.3 percent.

The real estate investor’s fourth-quarter earnings reached $129.9 million, or 63 cents per share, a 104 percent increase from the same quarter one year prior.

The company’s funds from operations, a measure of income typical of REITs, reached $171.5 million, or $84 cents. That increased 34.6 percent from last year.

Yearly earnings were $383.4 million, or $1.90 per share, up 64.3 percent from last year.

Hunt Valley, Maryland-based Omega is a real estate investment firm that invests predominantly in nursing homes.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Nuclear provider Centrus CEO Poneman’s compensation decreases 26 percent

imgresBETHESDA, MD —  Nuclear power provider Centrus Energy paid Chief Executive Officer Daniel Poneman $1.82 million in compensation in 2016, down from $2.48 million in 2015,  according to a filing Wednesday with the Securities and Exchange Commission.

Poneman’s base salary increased 23 percent between the two years. The 26 percent decrease in total compensation primarily came from $867,000 in options awards and a $625,000 bonus in fiscal 2015.

The former U.S. Secretary of Energy, Poneman, 61,  holds stock options worth another $891,000 based on Wednesday’s closing price of $5.94, down 0.5 percent. The exercise price for the 150,000 shares is $4.31, and the options expire in 2025.

Poneman started as CEO at Centrus in March 2015. According to the company’s most recent proxy statement, his initial base salary is $750,000 per year, and he is eligible for an annual bonus of a minimum 100 percent and maximum of 150 percent of his base salary.

From 2009 to 2014,  Poneman served as U.S. Deputy Secretary of Energy. He also served as the chief operating officer of the Department of Energy and has dealt with cases ranging from Fukushima to Hurricane Sandy.

Centrus, formerly known as United States Enrichment Corp., filed for Chapter 11 bankruptcy in March 2014 after determining it would be unable to pay $530 million in debt and $114 million in preferred stock held by two investors.

Under a restructuring plan approved by investors, the company issued common stock and new debt worth $240 million that will come due in 2019.

Centrus Energy closed Wednesday at $5.94, down 3 cents.

This story is from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

Senseonics CEO Goodnow’s compensation increases 84 percent

GERMANTOWN, MD — Medical technology company Senseonics Holdings Inc.’s chief executive officer saw an 84 percent increase in total compensation in the company’s 2016 fiscal year due to an increase in base salary, stock awards and annual bonus, according to the company’s proxy statement filed with the Securities and Exchange Commission.

Timothy T. Goodnow’s compensation totaled $1.38 million, up from $750,213 in the company’s 2015 fiscal year. Goodnow’s base salary rose from $365,791 in 2015 to $475,998.senseonics-holdings-inc-logo

Goodnow was awarded $586,871 in stock options, more than double his previous award of $231,704. He also received a bonus of $318,150.

R. Don Elsey, the company’s chief financial officer, received total compensation of $981,200 during the 2016 fiscal year. This includes a base salary of $355,625 and $472,275 in stock awards.

Chief medical officer Lynne E. Kelley received $1,064,645 in total compensation for the 2016 fiscal year. Kelley assumed the position of chief medical officer in January 2016 and received a base salary of $365,000.

Senseonics is a medical technology company focused on the design, development and commercialization of glucose monitoring products for people with diabetes.

Company revenue for the year was $300,000, compared to no revenue in 2015. Due to clinical trial costs, research and development expenses increased to $26.3 million, compared to $18.3 million for 2015.

Senseonics’ stockholders meeting will be held on Wednesday, May 24, at 9 a.m., at the Courtyard Marriott Gaithersburg Washington Center in Gaithersburg.

The company’s shares were down 2 cents to $1.66 in Monday afternoon trading.

This story is from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

Quality Care Properties CEO Ordan paid $14 million in 2016

BETHESDA, MD — Quality Care Properties Chief Executive Officer Mark S. Ordan was paid $14 million in compensation last year, according to a proxy filed Friday with the Securities and Exchange Commission, after he helped orchestrate the REIT’s spin-off from HCP Inc. in late 2016.Quality Care Properties Maryland healthcare REIT

Ordan began consulting for HCP in August 2016 as the company sought to divest the poorly performing HCR ManorCare portfolio, one of HCP’s main tenants, which had also been accused of defrauding Medicare.

HCP successfully spun off the ManorCare portfolio into a new company called Quality Care Properties, which operates as a publicly traded health care REIT focused on post-acute nursing services and assisted living.

 

The spin-off was also motivated by HCP’s desire to exit the “post-acute” space of health care properties, which then made up 26 percent of the company’s portfolio, in order to focus its revenue stream on private-pay sources.

Post-acute care consists of rehabilitation required after a patient’s stay in an acute-care hospital.

Ordan’s total compensation includes $1.2 million for his consulting work, $9.5 million in stock and options awards and a $3 million “completion bonus” in association with the successful spin-off from California-based HCP.

Prior to his consulting work at HCP, Ordan was CEO at Sunrise Senior Living from 2008 to 2013 and led the restructuring effort and eventual sale of the REIT. He has also been a director at VEREIT, WP Glimcher, and Washington Prime, all commercial REITs.

Greg Need, QCP’s president and chief investment officer, received $9.2 million in compensation in 2016, consisting of $6.5 million in stock and option awards and a $2 million completion bonus.

Need worked alongside Ordan at Sunrise Senior Living as chief investment officer from 2008 to 2013.

Chief Financial Officer and Treasurer C. Marc Richards also worked with Ordan previously as CFO at both Washington Prime and Sunrise Senior Living.

Richards was paid $5.1 million in 2016, with a $1 million bonus and $3.8 in stock and option awards.

According to QCP’s updated employment contracts, in 2017 Ordan, Need and Richards will receive base salaries of $800,000, $575,000 and $400,000 respectively, along with possible cash and equity awards grants as multiples of their salaries.

REITs are required by the SEC to distribute 90 percent of their taxable income to shareholders as dividends.

However, the company has also reserved the right to make future dividend payments that are made up of both dividends and stock in the company, which might concern some investors who are attracted to the strong dividend streams associated with REITs.

In May 2017, QCP announced it entered into a forbearance agreement with HCR ManorCare to defer $7.5 million of rent a month for April, May, and June while requiring HCR to make cash rent payments of $32 million each month.

QCP is also in a good-faith discussions with HCR concerning the long-term restructuring of the master lease terms, and has agreed to provide a temporary credit extension of up to $7 million each month for the same time period.

The QCP’s stock closed down slightly Thursday at $18.82 per share.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Casi Pharmaceuticals CEO sees 71.6 percent increase in 2016 compensation

CASI_LOGO_RGB

ROCKVILLE, MD — The chief executive officer of Casi Pharmaceuticals saw a 71.6 percent increase in total compensation to $920,888 in 2016, according to the proxy filed with the Securities and Exchange Commission.

Dr. Ken Ren’s total compensation in 2015 was $536,750.

Ren’s base salary remained at $300,000 in 2016, the same as 2015. His total compensation for the year was drastically higher than the year prior because of $612,938 option awards he received in 2016.

Ren received his medical degree at the Shandong University School of Medicine in China in 1986 and a Ph.D. from State University of New York at Buffalo in 1990. Ren was a research fellow at Rockefeller University from 1990–1993 and was a research scientist at Pfizer from 1993–1995.

In April 2012, Ren joined the company as interim chief executive officer, and after successful completion of the one-year interim period, was appointed CEO in April 2013. He was elected to the board of directors in December 2014.

Both the chief operating officer and vice president saw slight decreases in total compensation for 2016.

Chief operation officer Cynthia Hu’s total compensation decreased to $476,274 in 2016, from $486,250 in 2015.

Vice President Sara Capitelli’s total compensation decreased to $222,191 in 2016, from $246,653 in 2015.

Casi is a biopharmaceutical company focused on the acquisition, development, and commercialization of innovative therapeutics addressing cancer and other unmet medical needs for the global market, with a focus on China and the U.S.

The company’s stock closed at $1.22 per share on Thursday, up 5 percent from the $1.16 close on Wednesday.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Under Armour CEO Plank’s compensation decreases 19 percent

Under Armour, Inc. Logo.  (PRNewsFoto/Under Armour, Inc.)

Under Armour, Inc. Logo. (PRNewsFoto/Under Armour, Inc.)

BALTIMORE, MD — Under Armour Inc.’s chief executive officer saw a 19 percent decrease in total compensation in the company’s 2016 fiscal year as he did not receive incentive compensation, according to the company’s proxy statement filed with the Securities and Exchange Commission.

Kevin A. Plank’s compensation for the fiscal year totaled $2.03 million, down from $2.43 million in the company’s 2015 fiscal year. Plank has a base salary of $26,000, unchanged from 2015, and received $2 million in stock awards.

Plank did not receive incentive compensation for fiscal year 2016. In 2015, he received $400,000. After a disappointing fourth quarter, Under Armour determined that it was unlikely that Plank could achieve the company’s target level of performance in 2017.

Under Armour’s fourth-quarter net income fell 1 percent to $105 million, well below Wall Street predictions of $113 million. Revenue for the quarter was reported as $1.31 million, also falling short of the expected $1.41 million.

Lawrence Molloy, who assumed the position of chief financial officer Feb. 3, received total compensation of $6.72 million during the 2016 fiscal year. This includes a base salary of $633,462 and $5.8 million in stock awards.

For the year, company revenue grew 22 percent to $4.38 billion and saw a 19 percent increase in wholesale revenues to $3.1 billion. Under Armour has predicted 2017 net revenue of $5.4 billion.

The company’s stockholders meeting will be held on Wednesday, May 31, at 10 a.m., at the company’s office located at 2601 Port Covington Drive in Baltimore.

Under Armour’s shares were down 10 cents to $17.76 in Thursday morning trading.

This story is from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

 

Bay Bancorp CEO Thomas sees 4.6 percent increase in compensation

bay bankCOLUMBIA, MDThe chief executive officer of Bay Bancorp Inc. received a 4.6 percent increase in total compensation to $374,596 in 2016, according to the company’s proxy statement filed Wednesday with the Securities and Exchange Commission.

Joseph Thomas’ total compensation in 2015 had been $358,009.

Thomas’ base salary increased to $300,600 in 2016, up 1.4 percent from $296,539 in 2015. He also received a bonus of $45,548, contributing to the overall rise. In addition to base salary, Thomas receives an annual cash and stock bonus award valued at 50 percent of salary, dependent upon individual performance.

Thomas, 53, has served as president and CEO of Bay Bancorp since 2014. He served as director since its founding in 2010. Thomas previously worked at Hovde Private Equity Advisors and Financial Services Partners Fund I.

Executive Vice President and Chief Financial Officer Larry Pickett also saw his total compensation increase 17 percent in 2016 to $294,355 from $250,029 in 2015. His base salary increased 3.3 percent to $225,173 from $218,077. Stock awards of $44,415 contributed to his overall total increase.

Bay Bancorp is the savings and loan holding company for subsidiary, Bay Bank, FSB. It operates with a network of 11 sales offices located throughout the Baltimore Metropolitan Statistical Area and serves business, real estate owners, professionals and consumers.

Bay Bancorp’s annual meeting of shareholders will be held May 24 at 9 a.m. in Columbia.

The company’s stock closed Wednesday at $7.25 per share, down 1.36 percent.

This story is from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

Howard Bancorp CEO compensation declines 60 percent

ELLICOTT CITY, MD — The chief executive officer of Howard Bancorp received a 60 percent decrease in total compensation in 2016, according to the company’s proxy statement filed Tuesday with the Securities and Exchange Commission.
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Mary Ann Scully, CEO, president, and chairman of the board, made $363,000 in 2016 after making $581,000 in 2015, a 60 percent decrease.

She currently owns 1.30 percent of the common stock. She also was nominated to serve as a director on the board continuing through the annual meeting in 2020.

Howard Bancorp has 15 branches stretching from Ellicott City to Annapolis.

Scully, 65, has served as director, board chairperson, president, and CEO of Howard Bank since its founding in 2003. Scully previously worked at Allfirst Bank from 1973 to 2003.

Total compensation is based off of base salary, short term incentives, long term incentives, and supplemental executive retirement program.

Scully received the same base salary of $350,000 in 2016 and 2015 but in 2016 did not receive any bonus or stock awards. In 2015, she received $70,000 in bonus and $140,000 in stock awards.

Chief Financial Officer George Coffman received the same base salary of $275,000 in 2015 and 2016 but did not receive a bonus or stock awards in 2016 after receiving a bonus of $55,000 or stock awards of $112,000 in 2015.

This story is from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

Colfax CEO Trerotola compensation drops $5.6 million

ANNAPOLIS, MD — Colfax Corp president and chief executive officer Matthew Trerotola received $11.9 million in compensation in 2016, down from $17.5 million in 2015.

Trerotola, who has been CEO since 2015, saw his base salary more than double between 2015 and 2016, from $426,923 to $1 million. Trerotola received $1 million bonuses in 2015 and 2016 as two of the three scheduled payouts of his cash signing bonus.colfax-squarelogo-1399570218633

Trerotola received less in stock and option awards for 2016. In 2015, he took home $8.3 million in stock awards and $6.5 million from option awards. Last year, he took home $3.06 million and $5.5 million in stock and options, respectively.

Trerotola also received $334,937 in all other compensation, including an $18,574 auto allowance and $188,094 in aircraft usage.

Senior vice president and Chief Financial Officer Christopher Hix earned $2.7 million since joining Colfax in June. His hiring package included $1.2 million in option awards. Hix’s predecessor earned $752,458 for the year. 

Daniel Pryor, executive vice president of strategy and business development, saw his total compensation decrease by nearly $5 million. That $5 million came from stock and option awards in 2015. Without those awards in 2016, his total compensation fell to $902,360.

The form 14A 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

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