Posted 3/21/2013 02:18 pm
Updated 12 months ago
Last year's housing industry rebound helped lead to increased compensation for the executives of Deltic Timber Corp. of El Dorado.
Ray Dillon, president and CEO, saw his total compensation rise to $2.5 million in 2012, a nice bump compared with $1.9 million in 2011 and moving past the $2.3 million earned in 2010.
CFO Kenneth Mann's compensation rose to $1.2 million in 2012, compared with $1 million in 2011 and $954,199 in 2010.
Both men also saw bonuses, which Deltic calls "non-equity incentive plan compensation," restored last year. Dillon got $534,972 and Mann, $223,805. Neither received the cash incentives in 2011. The figures were found in the company's annual proxy statement filed with the federal Securities & Exchange Commission earlier this week.
The publicly traded company (NYSE: DEL) reported profit of $9.2 million in 2012. That exceeds its profit of $2.7 million in 2011 but still fell short of the $12.4 million it reported in profit in 2010.
Deltic, a real estate and timber company, credited the improved showing last year to a 28 percent increase in housing starts in the U.S. last year over 2011's count. Bolstering the housing market resurrection were record low interest rates and improved employment figures, the company said, adding that it expected the recovery to continue this year.
The compensation of other officers as revealed in the proxy:
- Kent Streeter, VP of operations, $854,583 in 2012, compared with $738,993 in 2011.
- David Meghreblian, VP of real estate, $733,352 in 2012, compared with $696,411 in 2011.
- Jim Andrews Jr., VP, general counsel and secretary, $723,554 in 2012, compared with $439,512 in 2011.
Deltic Timber also announced that it would hold its annual meeting at 10 a.m. on April 25 at the South Arkansas Arts Center in El Dorado. On the agenda:
- The election of three members of the board of directors for three-year terms. The nominees are Randolph C. Coley, a retired partner of King & Spalding, an international law firm; R. Hunter Pierson Jr., a former banker and private investor; and J. Thurston Roach, former CEO of HaloSource Corp.
- A vote on the appointment of KPMG LLP as the company's auditor for 2013, a step taken by the audit committee of the company's board of directors.
- A vote giving advisory approval of Deltic's executive compensation plan. The company's executive compensation committee restructured the plan in February. Among the changes was a requirement that named executive officers own a minimum number of Deltic's shares.