Furniture Brands International Inc. approved modest raises for its executive team and
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\nawarded bonuses that were reduced from the prior year, according to a regulatory filing Tuesday.<\/p>\n
For 2014, Chairman and CEO W. G. Holliman’s base salary will remain unchanged from 2013 at $925,000. His bonus declined 3 percent in 2013 to $678,854 from $700,873 in 2012.<\/p>\n
Chief Financial Officer Denise Ramos’ 2014 base salary improved 9 percent to $355,000 from $325,000 for last year. Her bonus for 2013 was $178,791, down 26 percent from $243,750 in 2012.<\/p>\n
President and Chief Operating Officer John Foy will earn the same base salary in 2014 as the previous year; $548,500. His bonus dropped 3 percent to $402,325 in 2013 from $415,599 in 2012.<\/p>\n
Senior Vice President Lynn Chipperfield will earn a base salary of $325,000 this year. His 2013 bonus was $178,791. Comparable information for the previous year was not available.<\/p>\n
Nancy Webster, president of Thomasville Furniture Industries Inc., will earn a base salary of $375,000 this year. Her 2013 bonus was $210,000. Comparable information for the previous year was not available.<\/p>\n
Under Furniture Brands’ executive incentive plans, performance goals in 2013 were to be based on budgeted sales, budgeted pre-tax earnings and budgeted pretax return on net assets, according to a company filing with the Securities and Exchange Commission. Target bonuses are based on a percentage of base salary in effect during the year.<\/p>\n
The company’s Compensation and Stock Option Committee approved the changes Jan. 31. The 2014 base salaries are effective March 1.<\/p>\n
Last year, the Securities and Exchange Commission amended its rules, modifying which “named executive officers” whose compensation is required to be disclosed.<\/p>\n
St. Louis-based Furniture Brands International Inc. (NYSE: FBN – News) manufactures furniture under the Thomasville, Henredon, Drexel Heritage, Maitland-Smith, Broyhill and Lane brands.<\/p>\n
Published February 7, 2014 by the St. Louis Business Journal<\/p>\n","protected":false},"excerpt":{"rendered":"
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