In these days of overinflated executive salaries and bonuses, it’s refreshing to find a CEO who is actually underpaid — and has been for years. Donald Boone, president and CEO of Jewett-Cameron, draws a base salary of $36,000. His entire compensation package is $39,960.
In Jewett-Cameron’s filings with the Securities and Exchange Commission (SEC), the low-end compensation is explained this way: “The board’s determination for Mr. Boone’s remuneration as president, CEO and treasurer was set many years ago. Mr. Boone’s compensation has remained unchanged at his request and remains below the competitive rates paid to similar executives.”
In other words, he doesn’t want more money.
The North Plains, Ore., wholesaler has held its own through the recession, and its last quarterly results, released on April 11, reported sales of $19.0 million for the first six months of fiscal 2012, compared with sales of $17.9 million a year ago. Net income after other items and income taxes was $1.35 million compared with a net loss of $349,386 a year ago.
Jewett-Cameron’s business consists of the manufacturing and distribution of specialty metal products and wholesale distribution of wood products to home centers and other retailers located primarily in the United States.