Furniture Brands CEO's compensation rose 68% in 2012
Furniture Today Staff -- Furniture Today, March 7, 2013
ST. LOUIS — Furniture Brands International Chairman and CEO Ralph Scozzafava didn't receive a salary increase last year, although his total compensation jumped nearly 68% to $1.4 million because of an incentive plan payment, the company reported in a regulatory filing this week.
Other top executives at the manufacturer and importer also received payments under the incentive plan.
In a preliminary proxy statement, the company said its board of directors determined that "it must provide a balance of performance-based and service-based compensation, as well as certain additional incentives to executives, in order to retain those executives during the company's turnaround."
Scozzafava's base salary remained at $750,000, and he received incentive pay of $541,944 and "all other compensation" of $97,573.
Other top executives named in the proxy included Raymond Johnson, senior vice president, global supply chain, whose total compensation rose 32% to $595,191; Ed Teplitz, president of Thomasville, whose compensation rose 26% to $561,765; Dan Bradley, president, designer brands, who was paid $517,104, and Vance Johnston, chief financial officer, who was paid $426,655.
Salaries for 2011 were not listed for Bradley or for Johnston, who was promoted to CFO in May.
Earlier, Furniture Brands reported sales of $1.07 billion in 2012 and a net loss of $47.3 million.