Havertys restoring top executives' base salaries
Two leaders had taken pay cuts in response to recession
Furniture Today Staff -- Furniture Today, December 4, 2009
ATLANTA — Base salaries of Havertys' top two executives will be restored to their 2007 levels next year, the compensation committee of the retailer's board of directors has decided.
In a filing with the Securities and Exchange Commission, the Atlanta-based company said that base salaries for 2010 will be $450,000 for President and CEO Clarence Smith and $330,000 for Executive Vice President and Chief Financial Officer Dennis Fink.
Both executives voluntarily took a 20% pay cut in May in a move to save money during the difficult business environment. The restored salaries will still be about 3% below their 2008 levels, the company said.
Havertys reported a $501,000 profit in its most recent quarter ended Sept. 30, reversing a $1.5 million loss a year earlier.
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