Three top Stanley Furniture executives receive pay hikes in 2009

SEC statement details compensation for company leaders

Furniture Today Staff -- Furniture Today, March 16, 2010

STANLEYTOWN, Va. — Three top Stanley Furniture executives received higher total compensation last year while company Chairman Albert Prillaman took home a bit less, according to a proxy statement filed with the Securities and Exchange Commission.

Glenn Prillaman, who was promoted to president and chief operating officer in October from executive vice president, earned a salary of $274,955, a 37.5% increase from his 2008 paycheck.

He also received stock option awards valued at $272,100 on the date they were granted. With his employer's matching 401(k) contribution, his total compensation was $553,775, up 74.1% from $318,033 in 2008.

Glenn Prillaman was promoted to president and CEO in February of this year.

Other executives listed were:

• Albert Prillaman, Glenn's father, who remains chairman and was CEO until this February, with a salary of $99,996. Total compensation with stock options was $373,763, down 14.2% from 2008.

• Douglas Payne, executive vice president-finance and administration and corporate secretary, with a salary of $300,000, up 10.3% from 2008. Total compensation was $578,490, up 47.9% from 2008.

• Stephen Bullock, executive vice president-operations, with a salary of $250,008, up 18.6%. Total compensation was $563,162, up 22.5% from 2008.

Stanley reported a net loss of $11.8 million in 2009 compared with a profit of $3.7 million in 2008. The company's sales declined 29.2% to $160.5 million.