by Gwen Moritz
Posted 4/25/2012 09:54 am
Updated 11 months ago
After two years of stagnation, top executives of Advanced Environmental Recycling Technologies Inc. are getting sizeable raises.
The Springdale manufacturer of wood-and-plastic building products revealed in its annual proxy that CEO Joe G. Brooks, President Timothy D. Morrison and CFO Brian Hanna signed new contracts in March that came with raises of between 17 and 21 percent each.
The publicly traded company will hold its annual shareholders' meeting at noon on June 27 at the corporate offices, 914 N. Jefferson St. in Springdale. Brooks, 56, and Morrison, 54, will stand for re-election to the board of directors at that time, as will Vernon J. Richardson, 45, chair of the accounting department in the Walton College of Business at the University of Arkansas at Fayetteville.
Brooks, whose family founded AERT, was paid a salary of $190,000 in 2010 and 2011, according to the proxy statement filed with the Securities & Exchange Commission last week. But on March 12, he signed a new contract that raises that base pay to $230,000 and is renewable annually.
Morrison salary, $200,000 a year for the past two years, was similarly raised to $235,000. And Hanna, the CFO, is now being paid $220,000 a year, up from $185,000.
Shareholders are being asked to ratify a new stock incentive plan that will allow AERT to issue as many as 40 million new shares to be awarded to certain employees "based on achievement of performance measures."