Inuvo Inc. CEO Richard Howe saw his total compensation increase by 57 percent to $1.13 million in 2015, according to an annual proxy statement the Little Rock digital publishing and advertising technology firm filed April 29 with the U.S. Securities & Exchange Commission.
Just a few days before, on April 27, Inuvo announced record first-quarter revenue of $18.7 million, an increase of 40 percent year-over-year.
According to a news release, revenue increased because more advertisements were served via the firm’s owned and operated web properties. But net income was $374,000, or 2 cents per share, down from $626,000, or 3 cents per share, in the same quarter of last year.
Inuvo reported that last year’s net income included an income tax benefit of $406,000, or 2 cents per diluted share, due to the favorable settlement of a tax dispute.
The company reported in the proxy statement that its annual stockholders meeting will take place at 9:30 a.m. June 22 in its headquarters at 500 President Clinton Ave., Suite 300.
Shareholders will vote whether to re-elect two directors and keep Mayer Hoffman McCann P.C. as the company’s accounting firm.
Executive Compensation
Howe was CEO from November 2008 to March 2012, returning to the post in December 2012.
His total compensation for last year was an increase of $410,257 from the $723,715 he received in 2014.
Of the 2015 increase, $242,308 was a bonus; Howe didn’t receive one in 2014.
The 2015 amount also includes a $395,000 salary, $486,064 in stock awards and $10,600 in other compensation.
Howe’s salary went up $37,772 from $357,228 in 2014. He also received $129,977 more in stock awards, up from $356,087 in 2014.
The pay for CFO Wallace Ruiz and COO Don (Trey) Barrett also rose in 2015.
Barrett saw his total compensation increase by 71 percent to $595,156 from $347,197 in 2014. He received a $249,167 salary, $138,462 bonus, $204,886 in stock awards and $2,642 in other compensation.
Ruiz’s total compensation increased by 42 percent to $566,619 from $398,910 in 2014. He received a $275,000 salary, $103,846 bonus, $179,012 in stock awards and $8,760 in other compensation in 2015.
Barrett and Ruiz didn’t receive bonuses in 2014.
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