Timothy Morrison, CEO of Advanced Environmental Recycling Technologies Inc. of Springdale, received $385,000 in compensation in 2014 according to the company’s annual proxy statement filed with the U.S. Securities & Exchange Commission.
Morrison’s pay was an increase from the $343,654 he received in 2013. Morrison’s salary increased from $243,654 to $260,000, and he received a $125,000 bonus compared to $100,000 in 2013.
CFO J.R. Brian Hanna received the same $100,000 bonus in 2014 that he received in 2013 and saw his salary increase from $220,000 to $228,846. With an additional $260 of compensation, Hanna’s overall pay increased from $320,260 to $329,106.
The third named executive, President Randall Gottlieb, received $210,002 in salary and a $30,000 bonus for total compensation of $240,002. Gottlieb, who joined the company in August 2013, had received a prorated salary of $72,693 and no bonus in 2013.
AERT reported a net loss of $1.1 million in 2014 after reporting a loss of $1.4 million in 2013.
The annual shareholders’ meeting will be held at 10 a.m. June 18 at the corporate offices in Springdale. The re-election of board members Vernon Richardson, Morrison and Gottlieb is on the agenda, as well as the reappointment of Hogan Taylor LLP as company auditor.
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