Hooker Furniture CEO's compensation falls 28%

Paul Toms had higher salary, but less incentive pay

Larry Thomas -- Furniture Today, May 12, 2009

MARTINSVILLE, Va. — Hooker Furniture Chairman Paul Toms received a 3.3% salary increase in the fiscal year ended Feb. 1, but his total cash compensation fell more than 28% due to a significant reduction in bonus and incentive payments.

Toms, who has been chairman and CEO since December 2000, received a salary of $309,325 in the most recent fiscal year, as well as an incentive payment of $26,027, according to the company's proxy statement filed with the Securities and Exchange Commission.

The previous fiscal year, his salary was $299,405. In addition, he received $168,724 in bonus and incentive payments.

The second-highest compensated Hooker executive, chief financial officer E. Larry Ryder, had cash compensation of $298,247 in the most recent fiscal year. That was a 26.5% drop from $405,991 the previous year.

Ryder's salary for the most recent fiscal year was $274,562, a 5.7% increase from the previous year.

Hooker reported a 64.8% decline in net income in 2008 as sales fell 17.6% from the previous year.