Tim Morrison
The top executives at Advanced Environmental Recycling Technologies Inc. of Springdale got an unaccustomed treat in 2013: bonuses.
A $100,000 bonus took CEO Timothy D. Morrison’s total income to $343,654, up from his salary-only income of $233,654 in 2012, according to the company’s annual proxy statement filed last week with the U.S. Securities & Exchange Commission. His base annualized salary was raised to $260,000 in August.
CFO J.R. Brian Hanna also receved a $100,000 bonus in addition to his $220,000 salary, which was up $1,650 from 2012. And Chairman Joe G. Brooks, a former CEO whose family founded the composite lumber company, got a $30,000 bonus in addition to his $230,000 salary.
AERT reported a net loss of $1.4 million in 2013.
A new face among the “named executive officers” at AERT is Randall G. Gottlieb, who joined the company on Aug. 8 as president. He was paid $72,693 for the months he worked in 2013, and his annual base salary for 2014 is $210,000.
The annual shareholders’ meeting will be held at 10 a.m. on June 19 at the corporate offices in Springdale. Only routine matters are on the agenda, including the re-election of current board members and reappointment of Hogan Taylor LLP as outside auditor.
Sign up for Daily E-news
