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Ray Dillon Gets $4.9M Package in Final Year at Deltic

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Ray Dillon, the former president and CEO of Deltic Timber Corp. of El Dorado, received $4.9 million in total compensation in 2016, according to the company’s proxy statement, filed on Monday.

Dillon, who retired in October, received a compensation package that included a base salary of $448,691, more than $1 million in stock awards and nearly $2.3 million in other compensation.

The company’s interim president and CEO, Mark Leland, received total compensation of $632,269. Leland, who joined the Deltic Board in June, is the retired president of the Midstream Division of El Paso Corp. He was replaced earlier this month by the board’s permanent hire, John D. Enlow, formerly of Weyerhaeuser.

The same day the company announced the Enlow hire, it revealed that it had fired its vice president, treasurer and CFO, Kenneth D. Mann, after the board “board became aware that he misappropriated certain company assets for personal use.” The company has offered few other details about Mann’s dismissal, saying only that it would seek “full reimbursement” from Mann for all “misappropriated amounts.”

The proxy said Mann received a 2016 total compensation package worth $1.4 million, up from $914,876 in 2015.

Other executives and their compensation:

  • Kent L. Streeter, vice president of operations, received total compensation of $733,687, up from $654,095 in 2015.
  • David V. Meghreblian, vice president of real estate, received total compensation of $884,150, up from $594,820.
  • Jim F. Andrews Jr., vice president, general counsel and secretary, received total compensation of $787,169, up from $601,801.

The company (NYSE: DEL) has scheduled its annual meeting for 10 a.m. April 27 at the South Arkansas Arts Center in El Dorado. During the meeting, shareholders will vote whether to:

  • elect four Class III directors to its board.
  • approve the appointment of KPMG LLP as the company’s independent auditor.
  • grant advisory approval of executive compensation.
  • grant advisory approval of the annual frequency for future advisory votes on executive compensation.
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