IHS Chemical Week

CHEM IDEAS

Executive Compensation: Big CEO Paydays Return

3:36 PM MDT | August 22, 2011 | By VINCENT VALK

Big Paydays Return

Chemical industry executives saw significant increases in pay as earnings bounced back from the recession. Median total compensation for chemical industry CEOs was $5.4 million in 2010, an increase of 42% from 2009 levels, according to CW’s annual executive compensation survey. Total 2010 CEO compensation also exceeded 2008’s median of $4.1 million by some 32%, but was a bit short of 2007’s median of $5.7 million. Eight CEOs took home more than $10 million in 2010, up from five in 2008 and 2009, compared with twelve in 2007.

Gallogly: $77.1million for LyondellBasell CEO.
Buckley: $23.7million for 3M CEO.
Liveris: $21.3 million for Dow CEO.
McGlade: $16.9 million for Air Products CEO.

The highest-paid CEO in 2010 was LyondellBasell’s James Gallogly with a compensation package that totalled $77.1 million, dwarfing other industry executives (table). Some $72.5 million of Gallogly’s compensation came from stock and option awards, including shares granted when the company exited bankruptcy in April 2010, that vest over the next five years. “The CEO compensation package was structured to encourage a uniquely qualified individual to leave a company where he had been employed for 29 years, and had risen to the number three position, in order to join a company in the midst of bankruptcy with $24 billion of debt,” a LyondellBasell spokesperson says. Gallogly was executive v.p./exploration and production at ConocoPhillips before joining LyondellBasell, and had previously served as CEO of Chevron Phillips Chemical.

Other named executive officers (NEOs), typically the highest five paid officers in a public company, also fared well. Median total compensation for all NEOs was $1.9 million in 2010, up 27% from 2009 levels. Data in CW’s survey was taken from U.S. SEC filings for companies with fiscal years that ended between April 1, 2010 and March 31, 2011.

Senior executive pay packages place much greater emphasis on long-term performance-based awards and equity awards than on salary and cash bonuses. The big increase in CEO pay often stems from the rebound in the stock market. The CW 75 stock index rose 17.3% during 2010, while the S&P500 rose 15% in the same period. The CW 75 does not include dividends; the S&P500 does.

CEOs benefited from this as restricted stock units (RSUs) and other performance-based equity tends to have a three-year vesting period, meaning shares that vested in 2010 increased in value as the stock market bounced back from the recession, says Jim Aslaksen, senior client partners with executive recruiting firm Korn Ferry (Chicago).

Angel: $15.3 million for Praxair CEO.
Kullman: $14.8 million for DuPont CEO.
Grant: $13.2 million for Monsanto CEO.
Ghasemi: $13.2 million for Rockwood CEO.

Those kinds of awards are part of a trend toward long-term performance-based compensation that began several years ago and shows no sign of abating, Aslaksen says. “Options are still used by some,” he adds. “But they are becoming less and less prevalent.” Options dominated from the early 1990s until around 2006. Since then, the trend has been toward long-term performance-based incentives. Such payouts typically constitute about 50%-70% of executive compensation at chemical firms, says Andrew Talkington, senior client partner at Korn Ferry.

At Dow Chemical, more than 80% of NEO compensation “is variable ‘at risk’ compensation and is payable only if specified financial goals are achieved and/or Dow stock price appreciates,” the company says. Dow’s NEO compensation packages include a base salary, cash-based short-term incentives, and equity-based long-term incentives, which are made up of performance shares, stock options and deferred stock. The company, like most, benchmarks executive pay against a “peer group” of similar companies. Dow’s peer group includes DuPont, 3M, PPG, and a number of large industrial companies.

Smaller, venture-backed companies are more likely to use options, Talkington says. Chief executives of companies that have gone public in the past year generally had a higher portion of their compensation made up of options and cash bonuses, rather than other awards (table, p. 58).

The prevalence of equity-based rewards, even over the long-term, means that events outside the control of senior executives still have a major impact on compensation, both positively and negatively. “In 2009, just because your stock price was low, that didn’t mean you did a bad job,” says Aaron Boyd, head of research at Equilar (Redwood City, CA), an executive compensation data firm. “At the same time, to say that your stock price went up in 2010 doesn’t mean that you did a great job. A lot of companies had nowhere to go but up.” Most companies will use combinations of different metrics and rewards payouts to tie pay to performance. “There is no one size fits all for pay design,” Boyd says.

A variety of performance metrics are used to determine pay. Ebitda growth, return on capital employed, cash flow and earnings per share (EPS) continue to be the most popular metrics in the U.S., Aslaksen says. However, companies may also base compensation on metrics related to particular strategic goals, especially for senior executives below the CEO level. For example, a company focused on driving innovation may look at acceleration of new product development or what percentage of sales is derived from new products, Talkington says. These metrics are typically considered with standard financial metrics like return on capital or Ebitda.

Bunch: $12.4 million for PPG CEO.
Brondeau: $9.8 million for FMC CEO.
Huntsman: $9.6 million for Huntsman CEO.
Baker: $9.5 million for Ecolab CEO.

Some compensation methods that drew criticism in the last recession have disappeared. In the early 2000s, many companies repriced stock options to give executives a favorable strike price in a down market. There was significant shareholder revolt on option repricing and this time around companies didn’t do it,” says Talkington. That has not happened this time around. “I can’t think of one instance where options were repriced.” Some boards offered additional RSUs when the market was down, but that was the extent of it, Aslaksen says.

Boards also continue to be under pressure to diminish perks, Talkington says. Many executives will be given a ‘perk account’ that is capped at a certain figure, along with a menu of options for use of the account, he adds. The menu will typically will include things like country club memberships and company cars.

If you want to take advantage of those perks, now might be a good time to try. “Qualified senior executives have the advantage right now” over boards in the market for high-level executive talent, Aslaksen says. “The bench is pretty thin” for leadership positions at many companies, Talkington says, leading companies to look outside to fill senior positions. Many CEOs are at an age where retirement is nearing, which will lead to a rise in turnover in the coming years, Talkington adds.

Globalization is also increasing demand for senior executives. Asian companies looking to raise their global profile may look at Western corporate leaders who have experience running global businesses, says Peter Everaert, regional market leader, Europe, Mideast and Africa at Korn Ferry. M&A plays a role, too, in a way. Private equity firms, who have recently been active in M&A again, frequently install new CEOs and CFOs, Aslaksen says.

If companies continue to perform well, those leaders will continue to experience rising pay, Talkington says. “All companies are focusing on metrics and longer-term performance.”

cash and equivalent renumeration in dollars
salary bonus stock awards option awards non-eq comp change in pension all other 2010 total Y-O-Y% change
Aceto
Leonard S. Schwartz former CEO 203,403 0 0 68,242 0 0 1,277,484 1,549,129 -5.3
Vincent G. Miata CEO and pres. 304,958 0 0 0 260,000 0 54,130 619,088 -6
Douglas Roth CFO 286036 0 0 0 135000 0 52632 473668 -5.2
Frank DeBenedittis executive vp 279,945 0 0 0 230,000 0 50,268 560,213 -6.7
Michael Feinman pres./agricultural 220,255 0 0 0 145,000 0 40,689 405,944 -4.1
Ulf Bender mng. director/pharma Waldhof 276,928 0 0 0 69,615 67,554 18,588 432,685
Air Products (fiscal year ends 9/30)
John E. McGlade chairman and CEO 1,200,000 0 3,849,914 3,653,323 2,746,000 5,306,087 162,688 16,918,012 48.7
Paul E Huck svp and CFO 650,000 0 909,869 863,509 946,000 228,185 21,102 3,618,665 16.6
Robert D. Dixon svp and gm/merchant gases 460,000 0 454,817 419,841 522,000 766,774 20,311 2,643,743 37.8
Lynn C. Minnella svp/h.r. 440,000 0 531,830 490,886 549,000 190,387 14,458 2,216,561 22.8
S.J. Jones svp and gm/tonnage gases 400,000 0 954,774 419,841 470,000 302,860 39,066 2,585,541
Airgas (fiscal year ends 3/31)
Peter McCausland pres. and CEO 887,500 270,000 0 2,498,892 1,219,500 0 10,600 4,886,492 45.2
Robert M. McLaughlin svp and CFO 379,170 0 0 567,930 269,591 0 8,775 1,225,466 54.6
Michael L. Molinini evp and COO 627,815 0 0 908,688 514,158 0 3,744 2,054,405 29.2
B. Shaun Powers division pres. 304,431 0 0 304,410 210,372 0 4,941 824,154 40.2
Robert H. Young, Jr. svp, gen. counsel 344,100 35,511 0 233,987 250,065 0 5,400 869,063 69.3
Albemarle
Mark C. Rohr chairman and CEO 900,000 0 3,355,200 876,935 1,910,000 2,125,077 65,352 9,232,564 48.3
Luther C. Kissam pres. 518,754 0 1,677,600 497,160 743,000 406,482 66,831 3,909,827 88.1
John M. Steitz exec vp and COO 539,592 0 1,677,600 497,160 743,000 781,437 55,984 4,294,773 56.3
Richard G. Fishman vp, treasurer and interim CFO 275,842 0 524,103 55,240 390,000 0 35,351 1,280,536
Richard J. Diemer former svp and CFO 289,167 0 1,174,320 359,060 0 0 75,715 1,898,262 41.5
John J. Nicols vp, catalysts 379,588 0 1,294,306 207,150 475,000 245,158 31,067 2,632,269 92.9
Arch Chemicals
Michael E. Campbell chairman and CEO 900,000 0 2,752,061 0 1,600,000 2,849,218 279,788 8,381,067 58.9
Steven C. Giuliano svp and CFO 400,000 0 446,380 0 481,000 284,661 56,475 1,668,516 31.9
Luis Fernandez-Moreno exec vp/HTH water products 133,336 75,000 587,160 0 467,500 10,344 7,695 1,281,035 na
Sarah A. O’Connor svp/strategic development 375,000 0 371,984 0 443,750 558,911 55,591 1,805,236 24.2
Joseph H. Shaulson exec vp/personal care and biocides 340,000 0 357,166 0 496,000 32,417 48,187 1,273,770 22.8
Ashland (fiscal year ends 9/30)
James J. O’Brien chairman and CEO 1,127,363 0 2,125,995 1,717,474 1,994,853 1,777,138 83,335 8,826,158 84.3
Lamar M. Chambers senior vp and CFO 461,252 0 286,343 393,657 637,656 1,073,662 31,931 2,884,501 67.8
Samuel J. Mitchell pres./consumer markets 343,418 0 926,390 235,862 458,499 390,147 30,017 2,384,333 93.2
David L. Hausrath svp and gen. counsel 463,794 0 353,025 335,522 615,511 693,653 31,954 2,493,459 59.2
John E. Panichella pres./aqualon functional ingredients 364,500 120,000 172,590 235,862 388,613 268,236 40,946 1,590,747 na
ATMI
Douglas A. Neugold chairman and CEO 510,000 0 264,992 453,226 443,000 0 81,443 1,752,661 40.9
Timothy C. Carlson exec vp and CFO 309,000 0 127,494 218,062 178,200 0 25,712 858,468 29.3
Tod A. Higinbotham exec vp/microelectronics 322,000 0 124,992 213,785 149,600 0 25,622 836,599 26.4
Daniel P. Sharkey exec vp/business development 309,000 0 98,747 168,891 179,500 0 27,632 783,770 34.3
Ellen T. Harmon exec vp, chief legal officer 296,000 0 98,747 168,891 161,200 0 25,673 750,511 16.9
Cabot Corp. (fiscal year ends 9/30)
Patrick M. Prevost pres. and CEO 837,500 0 1,678,802 1,117,755 1,600,000 127,528 256,798 5,618,383 146.3
Eduardo E. Cordeiro exec vp and CFO 387,500 0 371,852 247,979 454,000 70,354 129,065 1,660,750 90.5
David A. Miller exec vp/core segment 360,000 0 371,852 247,979 400,000 31,648 209,584 1,621,063 431.6
Brian A. Berube vp and gen. counsel 332,500 0 279,521 186,539 365,000 68,787 109,497 1,341,844 91.3
Sean D. Keohane vp/performance segment 312,500 0 279,521 186,539 373,000 43,069 104,882 1,299,511 108.9
Cabot Microelectronics (fiscal year ends 9/30)
William P. Noglows pres. and CEO 555,500 1,200,000 777,750 1,011,893 0 0 92,811 3,637,954 55.5
William S. Johnson vp and CFO 345,875 456,100 308,019 384,519 0 0 58,768 1,553,281 46.4
Adam F. Weisman vp/business operations 324,200 388,600 227,103 295,473 0 0 27,647 1,263,023 32.2
Clifford L. Spiro vp/research and development 310,600 353,700 227,103 295,473 0 0 26,842 1,213,718 38.3
H. Carol Bernstein vp and gen. counsel 312,575 301,200 195,993 254,997 0 0 56,094 1,120,859 39.9
Calgon Carbon
John S. Stanik pres. and CEO 527,909 0 354,360 118,123 372,000 44,007 13,451 1,429,850 -11.2
Stevan R. Schott vp and CFO 188,370 0 40,968 0 67,000 0 11,717 308,055 25
Leroy M. Ball fmr svp and CFO 172,720 0 126,749 42,250 0 0 10,336 352,055 -42.5
C.H.S. (Kees) Majoor exec vp, Europe and Asia 376,669 0 41,421 13,810 116,854 94,586 34,692 678,032 -25.3
Robert P. O’Brien exec vp, Americas 262,883 0 126,749 42,250 120,000 82,789 12,845 647,516 6.1
Richard D. Rose senior vp, gen. counsel and secretary 246,000 0 95,629 31,874 100,000 0 11,085 484,588 66
Cambrex
Steven M. Klosk pres. and CEO 450,000 0 384,513 367,335 237,354 59,835 11,025 1,510,062 66.7
Gregory P. Sargen vp and CFO 341,676 0 253,977 122,445 180,218 0 11,025 909,341 37.8
F. Michael Zachara vp, gen. counsel and secretary 205,000 0 0 0 60,702 0 9,225 274,927 -27.5
Paolo Russolo pres./Cambrex Profarmaco 344,968 0 108,523 0 181,955 0 198,222 833,668 -16.6
Aldo Magnini mng. director/Cambrex Profarmaco 285,262 0 89,742 0 150,463 0 114,805 640,272 -12.8
Celanese
David N. Weidman chairman and CEO 900,000 0 3,437,994 991,808 2,325,607 835,383 74,857 8,565,649 -5.5
Steven M. Sterin svp and CFO 480,154 0 1,069,497 192,874 522,791 12,040 28,392 2,305,748 53.9
Douglas M. Madden COO 632,692 0 1,647,897 330,651 1,021,475 877,260 43,054 4,553,029 37.7
James S. Alder svp/operations and technical 455,588 0 956,668 275,554 473,401 4,160,773 27,364 6,349,348 na
Jacquelyn H. Wolf svp/h.r. 400,000 200,000 1,292,124 593,821 304,864 9,831 240,545 3,041,185 na
Compass Minerals
Angelo C. Brisimitzakis pres. and CEO 738,797 0 965,338 799,991 336,640 0 118,954 2,959,720 16.3
Rodney L. Underdown vp, CFO 335,494 0 199,012 155,003 111,351 0 38,823 839,683 15.4
Ronald Bryan vp and gen. mng. 274,740 0 199,012 155,003 123,285 0 41,211 793,251 19
Gerald J. Bucan vp and gen. mng. 287,316 0 199,012 155,003 68,669 0 38,172 748,172 4.1
Keith E. Clark vp and gen. mng. 325,680 0 199,012 155,003 77,496 0 48,280 805,471 2.1
David J. Goadby vp/strategic development 302,493 0 199,012 155,003 73,625 0 3,944 734,077 -53.1
Cytec Industries
Shane D. Fleming chairman and CEO 812,000 0 349,061 1,370,262 1,428,000 105,639 145,665 4,104,988 48.9
David M. Drillock vp and CFO 409,000 0 123,521 465,789 468,650 139,999 74,640 1,541,600 63.1
Frank Aranzana pres./specialty chemicals 445,425 0 91,306 324,426 438,845 0 151,842 1,451,844 40.7
Roy Smith vp, gen. counsel 361,656 0 85,931 322,758 382,069 55,212 54,462 1,206,876 62.3
William G. Wood pres./engineered materials 320,333 0 62,024 295,800 338,106 59,609 63,849 1,079,779 na
Dow Chemical
Andrew Liveris chairman and CEO 1,691,667 0 5,683,729 5,060,006 5,000,000 3,605,210 297,145 21,337,757 16.7
William Weideman exec vp and CFO 575,474 0 1,191,649 1,060,969 1,215,522 1,351,143 14,894 5,409,651 174.6
Charles Kalil exec vp 877,116 0 2,015,197 1,791,818 1,791,139 2,240,220 46,697 8,762,187 19.9
Heinz Haller exec vp 855,346 0 2,015,197 1,791,818 1,383,545 1,199,164 151,135 7,396,205 2.8
William Banholzer exec vp 851,875 0 2,015,197 1,791,818 1,739,594 1,679,294 58,713 8,136,491 23.8
DuPont
Ellen J. Kullman chairman and CEO 1,300,000 0 4,701,135 2,166,667 2,846,000 3,475,658 307,514 14,796,974 47.5
Nicholas C. Fanandakis exec vp and CFO 533,958 0 694,386 320,004 807,000 1,482,123 84,460 3,921,931 91.7
Thomas M. Connelly exec vp and CIO 727,750 0 1,099,349 506,667 987,000 1,115,992 119,768 4,556,526 30.8
James C. Borel exec vp 635,500 0 925,825 426,669 807,000 1,229,722 101,475 4,126,191 48.1
Jeffrey L. Keefer exec vp 624,046 0 925,825 426,669 807,000 708,031 104,404 3,595,975 5.7
Eastman Chemical
James P. Rogers CEO 995,615 0 4,010,040 1,572,864 2,000,000 299,892 99,781 8,978,192 144.9
Curtis E. Espeland svp and CFO 452,923 0 1,109,160 410,692 690,000 132,791 41,146 2,836,712 12.2
Mark J. Costa exec vp and CMO 518,639 0 1,023,840 454,383 784,500 54,077 47,011 2,882,450 74.9
Ronald C. Lindsay exec vp 470,615 0 1,023,840 454,383 712,500 234,103 40,281 2,935,722 98
Theresa K. Lee svp, chief legal officer 456,381 0 742,284 279,620 596,700 184,366 39,312 2,298,663 57.4
Ecolab
Douglas M. Baker, Jr. chairman and CEO 1,000,000 0 1,904,531 1,677,848 2,020,000 2,651,968 200,200 9,454,547 7.7
Steven L. Fritze CFO 510,000 0 504,733 573,498 525,000 1,280,801 95,982 3,490,014 3
James J. Seifert gen. counsel 300,000 120,000 1,683,478 242,088 374,000 0 89,710 2,809,276 na
Philip J. Mason pres./EMEA 392,500 0 366,995 322,784 436,000 915,533 330,942 2,764,754 na
Thomas W. Handley pres./food and beverage 450,000 0 412,755 363,656 557,000 393,159 94,058 2,270,628 17.1
FMC
Pierre Brondeau chairman and CEO 900,000 0 5,549,437 894,152 2,238,556 0 179,956 9,762,101 na
W. Kim Foster svp and CFO 571,463 0 491,933 255,119 929,348 949,268 55,342 3,252,473 32.7
Milton Steele vp, gen. mng./agriculture 492,200 0 437,642 200,190 874,721 856,151 55,734 2,916,638 22.4
Theodore H. Butz vp, gen. mng./specialties 429,980 0 181,890 184,265 685,862 386,323 45,399 1,913,719 20.3
D. Michael Wilson vp/industrial chemicals 429,980 0 662,010 184,265 833,709 236,135 48,879 2,394,978 97.6
H.B. Fuller
James J. Owens pres. and CEO 441,401 250,000 283,907 282,305 277,937 0 240,869 1,776,419 26.3
Michele Volpi fmr pres. and CEO 800,269 0 1,083,038 981,938 918,276 5,681 3,536,537 7,325,739 120.6
James R. Giertz svp, CFO 445,753 0 271,565 270,029 280,919 0 146,479 1,414,745 16.4
Steven Kenny svp/EMEA, India 379,002 0 246,861 495,655 196,830 0 59,903 1,378,251 na
Ann B. Parriott vp/h.r. 334,376 0 149,359 148,512 180,602 31,656 93,298 937,803 4.8
Barry S. Snyder vp, CTO 297,027 80,000 135,783 135,014 160,371 0 94,783 902,978 -12
Georgia Gulf
Paul D. Carrico pres. and CEO 768,268 0 0 0 1,550,000 82,579 391,540 2,792,387 -60.1
Gregory C. Thompson CFO 462,856 0 0 0 605,475 83 244,549 1,312,963 -52.7
Mark J. Orcutt exec vp/building products 512,711 0 0 0 607,241 83 212,961 1,332,996 -43
Joseph C. Breunig exec vp/chemicals 151,633 0 750,020 0 205,833 0 38,192 1,145,678 na
Joel I. Berman vp, gen. counsel 381,394 0 0 0 460,500 117,351 5,690 964,935 -39.5
Huntsman
Jon M. Huntsman exec chairman 1,200,000 3,000,000 1,000,000 0 0 352,041 305,350 5,857,391 87.5
Peter R. Huntsman pres. and CEO 1,500,000 0 2,450,000 1,050,000 3,000,000 1,115,375 511,821 9,627,196 16.7
J. Kimo Esplin exec vp and CFO 504,200 0 525,000 225,000 401,100 232,134 171,838 2,059,272 -13.1
Anthony P. Hankins pres./polyurethanes 537,600 0 525,000 225,000 314,200 1,016,074 366,952 2,984,826 27.6
Daniele Ferrari pres./performance products 461,655 0 385,000 165,000 313,444 0 211,280 1,536,379 na
IFF
Douglas D. Tough chairman and CEO 1,000,000 500,000 3,684,505 278,093 3,233,970 0 202,442 8,899,010 na
Kevin C. Berryman exec vp and CFO 500,000 0 725,380 166,851 1,033,517 0 139,817 2,565,565 14.5
Nicholas Mirzayantz pres./fragrances 493,750 0 797,387 111,231 1,054,285 119,399 119,439 2,695,491 51.8
Herman Vaisman pres./flavors 487,500 0 389,574 278,093 1,022,540 0 83,678 2,261,385 28.9
Beth E. Ford exec vp/supply chain 500,000 0 221,400 417,139 1,019,622 0 104,433 2,262,594 34.8
Dennis M. Meany fmr svp and gen. counsel 414,000 0 542,192 0 647,393 188,068 109,691 1,901,344 26.7
Angelica Cantlon svp/h.r. 318,750 0 512,968 0 480,697 0 56,227 1,368,642 162.1
Innospec
Patrick S. Williams pres. and CEO 763,461 300,000 484,625 629,412 1,121,250 0 75,900 3,374,648 35.9
Ian P. Cleminson exec vp and CFO 281,844 250,000 112,748 153,426 264,188 464,195 76,541 1,602,942 58.1
Philp J. Boon exec vp/business operations 253,775 225,000 105,903 142,351 214,797 354,106 81,271 1,377,203 38.5
Ian M. McRobbie svp/research and technology 225,448 175,000 94,087 130,727 209,697 0 68,716 903,675 -10.6
Brian R. Watt vp/strategic planning 206,266 225,000 85,422 137,068 210,701 0 64,681 929,138 na
LyondellBasell
James L. Gallogly CEO 1,500,000 0 31,201,292 41,334,017 3,000,000 11,955 14,700 77,061,964 1,400
C. Kent Potter evp and CFO 719,791 0 0 0 2,297,479 12,478 14,700 3,044,448 144
Craig B. Glidden evp and CLO 546,443 0 3,552,219 3,195,727 1,030,312 11,397 0 8,336,098 474
Kevin W. Brown svp/ref. & oxyfuels 416,702 0 2,371,327 2,133,340 467,688 11,249 8,192 5,408,498 359
Bhavesh V. Patel svp/O&P-EAI 339,519 670,396 1,748,849 1,573,340 585,492 8,369 26,690 4,952,645 na
3M
George W. Buckley chairman and CEO 1,720,000 0 8,022,714 3,772,940 5,590,000 3,970,767 632,673 23,709,094 58.7
Patrick D. Campbell svp and CFO 762,600 0 2,072,090 1,150,727 1,102,846 1,243,427 118,397 6,450,087 43.7
Inge G. Thulin exec vp/international operations 598,500 0 1,500,049 1,043,937 850,119 760,144 155,380 4,908,129 39
Hak Cheoi Shin exec vp/industrial, transportation 576,000 0 1,500,049 1,141,751 816,383 709,065 90,097 4,833,345 na
Michael A. Kelly exec vp/display and graphics 550,950 0 1,544,905 952,213 781,953 844,880 105,562 4,780,463 na
Minerals Technologies
Joseph C. Muscari chairman and CEO 900,000 0 1,278,102 725,052 1,717,100 86,500 86,101 4,792,855 24.9
John A. Sorel fmr svp/finance and CFO 386,731 0 383,136 217,597 568,000 139,600 27,717 1,722,781 17.2
D. Randy Harrison svp/supply chain 312,346 0 289,808 158,809 451,000 184,900 25,942 1,422,805 22.4
William J.S. Wilkins fmr svp/Minteq 317,346 0 279,984 158,891 414,000 12,400 17,802 1,200,423 32.2
Daniel J. Monagle svp/Paper PCC 326,731 0 274,580 155,952 391,000 15,800 25,037 1,189,100 10.3
Thomas J. Meek vp, gen. counsel 352,346 0 245,600 163,300 376,000 13,800 18,462 1,169,508 na
Monsanto (fiscal year ends 8/31)
Hugh Grant chairman and CEO 1,409,179 0 7,032,241 3,583,784 0 775,941 371,196 13,172,341 12.6
Carl M. Casale exec vp and CFO 577,808 0 1,594,060 812,356 0 403,514 69,110 3,456,848 19
Brett D. Begemann exec vp/seeds and traits 542,077 0 1,406,731 716,757 0 342,729 45,344 3,053,638 9.1
Robert T. Fraley exec vp and CTO 602,308 0 2,344,787 1,194,755 0 543,612 92,771 4,778,233 12.9
David F. Snively exec vp, gen. counsel 481,846 0 1,219,403 621,397 0 253,140 42,855 2,618,641 na
Mosaic (fiscal year ends 5/31)
James T. Prokopanko pres. and CEO 933,333 0 2,400,025 1,431,252 961,400 0 529,578 6,255,588 38
Lawrence W. Stranghoener exec vp and CFO 553,333 0 719,997 429,373 386,400 0 321,792 2,410,895 35.8
James C. O’Rourke exec vp/operations 550,000 0 600,006 357,806 379,500 0 152,822 2,040,134 na
Richard L. Mack exec vp, gen. counsel 443,333 0 510,013 304,130 289,800 32,000 208,477 1,787,753 27.9
Norman B. Beug svp/potash operations 393,961 0 390,023 232,593 229,661 172,389 247,739 1,666,366 43.7
Newmarket
Thomas E. Gottwald pres. and CEO 725,000 650,000 99,885 0 0 253,596 36,250 1,764,731 11.7
David A. Fiorenza vp and CFO 294,174 200,000 49,943 0 0 218,944 14,708 777,769 7.2
C.S. Warren Huang pres./Afton chemical 600,000 500,000 99,885 0 0 662,201 30,000 1,892,086 9.5
Steven M. Edmonds vp, gen. counsel 301,149 275,000 49,943 0 0 85,348 15,057 726,497 19.7
Bruce R. Hazelgrove vp/corp. resources 295,000 300,000 49,943 0 0 83,397 14,750 743,090 13.7
NL Industries
Harold C. Simmons chairman and CEO 3,047,000 0 28,490 0 0 0 0 3,075,490 0.2
Robert D. Graham vp, gen. counsel 1,068,900 0 0 0 0 0 0 1,068,900 2.6
Gregory M. Swalwell vp/finance and CFO 655,300 0 0 0 0 0 0 655,300 -3.8
Kelly D. Luttner vp and tax director 519,000 0 0 0 0 0 0 519,100 -6.9
John A. St. Wrba vp and treasurer 454,000 0 0 0 0 0 0 454,000 6.4
Nalco Holding
J. Erik Fiscal yearrwald chairman and CEO 875,500 0 2,379,994 594,997 1,105,000 0 221,096 5,176,587 -7.9
Kathryn A. Mikelis exec vp and CFO 102,500 0 1,750,000 750,000 100,000 0 39,989 2,742,489 na
Eric G. Melin exec vp/asia pacific 432,600 0 403,201 100,802 310,000 0 750,250 1,996,853 10
David E. Flitman exec vp/water and process services 475,000 0 470,394 117,604 408,000 0 102,398 1,573,396 6.4
David Johnson exec vp/europe, SHE 355,350 0 331,195 82,798 233,000 7,839 563,225 1,573,407 -3.8
Bradley J. Bell fmr exec vp and CFO 482,419 0 3,450,366 527,304 234,000 0 121,269 4,815,358 87.2
Omnova Solutions
Kevin M. McMullen chairman and CEO 671,400 0 927,971 0 1,967,034 126,173 80,120 3,772,698 30.1
Michael E. Hicks svp and CFO 307,500 0 178,738 0 552,231 113,324 18,588 1,170,381 8.1
James J. Hohman vp/performance chemicals 302,600 10,575 182,612 0 543,191 83,845 18,552 1,141,375 14.4
James C. LeMay svp/business development, gen. counsel 279,800 0 169,286 0 502,489 66,863 15,958 1,034,396 14.2
Douglas E. Wenger svp and CIO 240,000 0 139,001 0 430,240 35,609 25,581 870,431 20.2
PolyOne
Stephen D. Newlin chairman and CEO 860,000 0 967,589 850,390 3,030,236 538,990 1,263,730 7,511,135 96.4
Robert M. Patterson exec vp and CFO 424,231 0 191,760 167,700 509,077 0 71,168 1,363,936 19.4
Kenneth M. Smith svp, CIO 340,923 0 107,865 94,380 504,501 130,531 70,308 1,248,508 35.6
Thomas J. Kedrowski svp/supply chain, operations 328,769 0 107,865 94,380 484,735 0 221,966 1,237,715 na
Bernard Baert svp/Europe, international 398,507 0 107,865 94,380 566,927 0 59,377 1,227,056 46
PPG Industries
Charles E. Bunch chairman and CEO 1,075,000 0 4,034,100 1,870,400 2,800,000 2,489,479 117,021 12,386,000 47.1
Robert J. Dellinger svp/finance and CFO 582,500 0 1,152,600 534,400 737,100 0 274,185 3,280,785 62.6
J. Rich Alexander exec vp/performance coatings 472,500 0 726,138 334,000 700,000 653,905 34,502 2,921,045 32.5
Pierre Marie De Leener pres./PPG Europe 646,608 0 403,410 187,040 662,966 0 341,396 2,241,420 5.8
Michael H. McGarry svp/commodity chemicals 317,500 0 437,988 200,400 500,000 297,643 22,866 1,776,397 na
Praxair
Stephen F. Angel chairman and CEO 1,083,750 0 3,087,000 2,568,232 3,105,000 5,320,000 162,660 15,326,642 50.5
Ricardo S. Malfitano exec vp 600,000 0 952,331 674,186 1,086,874 1,961,000 34,493 5,308,884 61.4
James S. Sawyer exec vp and CFO 568,750 0 952,331 674,186 851,120 1,103,000 20,491 4,169,878 48
James J. Fuchs exec vp 490,000 0 698,197 492,211 874,895 1,494,000 29,290 4,078,583 93.5
Scott E. Telesz senior vp 362,841 0 1,199,805 0 793,100 10,639 399,904 2,766,289 na
Quaker Chemical
Michael F. Barry chairman and CEO 489,583 0 165,465 311,916 701,853 709,000 73,733 2,451,550 37.5
Mark A. Featherstone vp, CFO 255,488 0 38,374 72,330 209,321 5,000 29,131 609,644 21.5
D. Jeffry Benoliel vp/strategy, gen. counsel 289,975 0 38,374 72,330 196,700 265,000 32,496 894,875 23
Jose Luiz Bregolato vp/South Amer. 452,782 164 31,655 59,670 289,108 0 129,841 963,220 19.5
Wilbert Platzer vp/Europe 298,855 0 38,374 72,330 215,952 230,020 32,830 888,361 32.6
Rockwood Holdings
Seifi Ghasemi chairman and CEO 1,150,000 0 3,024,994 0 8,274,469 0 708,868 13,158,331 112.9
Robert J. Zatta svp and CFO 473,800 0 713,035 0 1,960,222 0 96,121 3,243,178 123.5
Thomas J. Riordan svp/law & admin. 412,000 0 713,035 0 1,704,541 0 111,226 2,940,802 127.6
Rogers Corp.
Robert D. Wachob pres. and CEO 500,032 0 271,557 805,847 1,168,075 710,673 33,271 3,489,455 43
Dennis M. Loughran vp/finance and CFO 290,480 0 75,433 248,041 384,277 38,594 16,894 1,053,719 67.6
Robert C. Daigle senior vp 279,470 0 75,433 248,041 389,586 58,070 17,746 1,068,346 83.2
Peter G. Kaczmarck senior vp 278,446 0 75,433 248,041 423,128 63,775 16,789 1,105,612 88
Michael D. Bessette vp/advanced circuit materials 248,510 0 75,433 223,294 333,543 149,787 16,046 1,046,613 96.1
RPM International (fiscal year ends 5/31)
Frank C. Sullivan chairman and CEO 825,000 0 2,955,625 818,000 675,000 69,981 90,428 5,434,034 101.5
Ronald A. Rice pres. and COO 600,000 0 1,406,206 409,000 485,000 53,572 84,059 3,037,837 88.7
Paul G. Hoogenboom svp/manufacturing 346,000 0 737,121 122,700 300,000 47,556 44,319 1,597,696 88.9
Stephen J. Knoop svp/corp. development 335,000 0 729,366 122,700 335,000 45,643 46,623 1,614,332 96.7
Robert L. Matejka svp and CFO 29,641 0 268,200 0 0 2,273 1,186 301,300 na
P. Kelly Tompkins fmr evp and CFO 426,250 0 447,907 122,700 0 71,333 96,211 1,164,401 -8.3
Sensient Technologies
Kenneth P. Manning chairman and CEO 957,300 0 3,130,160 0 1,627,410 2,470,000 216,170 8,401,040 88.4
Richard F. Hobbs senior vp and CFO 478,200 0 1,316,090 0 621,660 1,011,000 928,247 4,355,197 88.3
John L. Hammond senior vp, gen. counsel 341,300 0 889,250 0 443,690 514,000 753,410 2,941,650 91.4
Douglas S. Pepper pres. and COO 290,458 0 711,400 0 377,595 0 52,371 1,431,824 62.4
Stephen J. Rolfs vp/admin. 274,900 0 497,980 0 311,430 211,000 213,544 1,508,854 na
Sherwin Williams
Chris M. Connor chairman and CEO 1,221,987 0 2,095,925 1,964,476 2,085,000 0 367,812 7,735,200 3.2
John G. Morikis pres. and COO 748,953 0 902,860 683,296 910,000 0 200,948 3,446,057 1.5
Sean P. Hennessy svp/finance and CFO 571,640 0 602,982 546,637 697,000 0 152,618 2,570,877 -6.2
Steven J. Oberfeld svp/corp. planning 521,680 0 554,614 704,310 528,000 0 116,051 2,424,655 5.6
Thomas W. Seitz svp/strategic excellence 481,927 0 296,654 286,130 458,000 535,133 94,635 2,152,479 -6
Sigma Aldrich
Jai P. Nagarkatti fmr chairman and CEO 809,711 0 1,397,633 1,043,735 1,052,700 79,650 230,177 4,613,606 44.3
Rakesh Sachdev pres. and CEO 488,846 250,000 564,700 421,686 443,352 7,978 99,253 2,275,815 18.7
Kirk A. Richter vp and interim CFO 239,615 0 129,881 98,640 133,632 79,950 40,464 722,182 na
Franklin D. Wicks pres./research 359,231 0 367,055 295,920 283,608 75,394 53,566 1,434,774 12.5
Gilles A. Cottier pres./SAFC 309,231 0 367,055 295,920 292,950 26,748 52,920 1,344,824 38.4
David A. Smoller chief scientific officer 297,692 0 367,055 295,920 190,080 13,929 51,120 1,215,796 na
Stepan
F. Quinn Stepan, Jr. pres. and CEO 683,333 0 299,988 450,001 450,795 138,149 191,043 2,213,309 4
James E. Hurlbutt vp and CFO 291,667 0 75,227 50,160 119,263 75,480 76,551 688,348 6.1
F. Quinn Stepan chairman 500,000 0 0 0 245,100 92,197 50,461 910,504 -15.8
John V. Venegoni vp and gen. mng./surfactants 371,667 0 128,998 85,996 152,434 95,967 50,461 885,523 -10.3
Robert J. Wood vp and gen. mng./polymers 292,500 0 102,010 68,012 123,900 87,872 46,298 720,592 -11.7
Valspar (fiscal year ends 10/31)
William L. Mansfield chairman and CEO 920,000 0 1,937,500 1,523,580 1,981,680 1,610,000 455,701 8,428,461 10.5
Lori A. Walker senior vp and CFO 405,000 0 581,250 357,780 513,945 0 150,302 2,008,277 8.1
Gary E. Hendrickson pres. and COO 541,000 0 1,575,022 759,780 1,057,113 0 276,096 4,209,011 33.8
Rolf Engh exec vp, gen. counsel 457,000 0 451,875 305,520 579,933 0 165,335 1,959,663 7.1
Anthony L. Blaine senior vp/h.r. 319,000 0 313,399 209,040 373,549 0 119,368 1,334,356 na
Westlake Chemical
Albert Chao pres. and CEO 790,890 0 513,560 513,560 1,027,626 0 51,694 2,897,329 1.9
James Chao chairman 592,699 0 384,794 384,794 768,438 0 44,917 2,175,642 1.9
M. Steven Bender senior vp and CFO 377,167 0 121,000 121,000 355,099 0 34,534 1,008,800 15.8
Jeffrey L. Taylor senior vp/polyethylene 317,505 0 71,174 71,174 390,657 0 30,858 881,368 na
Donald M. Condon, Jr. senior vp/olefins 317,083 0 65,542 65,542 388,103 0 30,476 866,746 na
Compensation Leaderboard
Executive Company 2010 Compensation
James L. Gallogly LyondellBasell $77,061,964
George W. Buckley 3M 23,709,094
Andrew Liveris Dow Chemical 21,337,757
John E. McGlade Air Products 16,918,012
Stephen F. Angel Praxair 15,326,642
Ellen J. Kullman DuPont 14,796,974
Hugh Grant Monsanto 13,172,341
Seifi Ghasemi Rockwood Holdings 13,158,331
Charles E. Bunch PPG 12,386,000
Pierre Brondeau FMC 9,762,101
Peter R. Huntsman Huntsman 9,627,196
Douglas M. Baker, Jr. Ecolab 9,454,547
Mark C. Rohr Albemarle 9,232,564
James P. Rogers Eastman Chemical 8,978,192
Douglas D. Tough IFF 8,899,010
James J. O’Brien Ashland 8,826,158
Charles Kalil Dow Chemical 8,762,187
David N. Weidman Celanese 8,565,649
William L. Mansfield Valspar 8,428,461
Kenneth P. Manning Sensient Technologies 8,401,040
Source: company reports.
IPO Paydays (CEO salaries at recent or pending IPOs)
company chief executive salary bonus stock awards option awards Non-Eq Comp Change in Pension All Other Total
PetroLogistics David Lumpkins $400,000 $150,000 0 $12,741,284 0 0 $36,281 $13,327,565
Momentive Performance Materials Craig O. Morrison 906250 3250000 0 0 $4034800 $33839 7350 8,232,239
Amyris John Melo 500,000 424,048 0 4,800,219 0 0 80,999 5,805,266
MacDermid Daniel H. Leever 754,167 1,450,000 0 0 0 274,764 4,158 2,483,089
Gevo Patrick R. Gruber 384,385 0 0 681,765 150,000 0 54,504 1,270,654
Myriant Stephen J. Gatto 478,750 0 0 352,894 352,894 0 57,680 1,242,218
Solazyme Jonathan S. Wolfson 285,000 0 0 133,384 800,000 0 13,341 1,231,725
Ceres Richard Hamilton 380,000 66,500 0 0 0 0 7,616 454,116
Source: company reports.












 
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