Big pay day for retired Black & Decker chairman
Former Stanley Black & Decker chairman Nolan Archibald, who retired from the company in March of last year, received a compensation package totaling approximately $133 million last year, according to an annual proxy SEC filing the company published on Tuesday.
A $51.4 million merger bonus contributed to the unusually high payout, which was "based on the annual run-rate of cost savings achieved by the company" as of his retirement that were attributable to the merger of Stanley and Black & Decker in 2010.
The company reported savings of at least $370 million — in excess of the $350 million goal — attributable to the merger, many of which involved numerous layoffs.
Archibald’s total compensation package also included a pro-rated performance-based salary of $365,000 for the 10 weeks worked in 2013, $334,000 in post-termination life insurance, "other compensation" totaling $441,000 (including $217,000 for personal use of the corporate aircraft), $47.2 million in exercised stock options, $9 million in vesting of stock options and $23.9 million in vesting of restricted stock/RSUs.
In comparison, CEO John Lundgren’s take-home pay came in at $10.7 million including salary, bonus and other compensation, plus another $25.2 million from stock options.
Stanley Black & Decker had no comment for HCN related to the filing.
Valspar and Habitat for Humanity tee off
The Valspar Corporation is kicking off the inaugural Valspar Championship — taking place March 13 to 16 — with a Habitat for Humanity community build in the Tampa area.
Valspar, together with Habitat, PGA TOUR Wives Association, PGA TOUR players and Habitat families will participate in the build, which will take place in a Pinellas County community made exclusively of Habitat for Humanity homes.
“At Valspar, we believe that color has power to change lives," said chairman and CEO Gary Hendrickson. "We are proud to join forces with Habitat for Humanity to bring a little more color into the homes of the Tampa Bay community."
Additionally, the company will set up an interactive Valspar Championship Expo Tent at the tournament where attendees can learn more about the two organizations. The "Valspar Putt for Habitat Challenge" will give guests the opportunity to raise money for Habitat, with Valspar donating $5 to Habitat for every putt made (up to $15,000 total).
Valspar is Habitat for Humanity’s national paint partner, meaning it provides paint for all Habitat homes built in the U.S. It’s also the official paint supplier of the PGA Tour.
ProBuild appoints Jeff Pinkerman as CFO
ProBuild Holdings has named Jeff Pinkerman as chief financial officer.
Pinkerman brings more than 20 years of finance experience in industries including telecommunications, construction and distribution to ProBuild. Most recently, Pinkerman worked at Arrow Electronics, a global distributor of electronic components and computer products, where he held multiple roles, including chief accounting officer and CFO of Arrow’s Americas Components Division. He has also served in senior leadership positions with American Civil Constructors, Level 3 Communications, Gemini Submarine Cable Systems, Peter Kiewit Sons’ and MFS Communications.
“Jeff brings decades of finance leadership and a deep experience with distribution to the CFO role,” said Rob Marchbank, CEO of ProBuild Holdings. “His experience in public companies and private equity, coupled with his expertise in all aspects of accounting, finance and operations, will be a tremendous asset to ProBuild in our next phase of growth.”
ProBuild is a diversified supplier of lumber and building materials to professional builders and contractors. The company operates about 400 lumber and building product distribution, manufacturing and assembly centers serving 42 U.S. states.