Two of the three named executive officers at Advanced Environmental Recycling Technologies Inc. of Springdale saw their compensation packages decline from 2014 to 2015, according to the company’s most recent proxy.
The proxy, filed April 29, shows that only Randall G. Gottlieb, president, with a boost to total compensation, at $315,862 last year, up from $240,002 in 2014.
The package includes a $231,924 salary and a $80,000 bonus.
Timothy D. Morrison, CEO, received total compensation of $370,000, down from $385,000 in 2014. The 2015 package consists of a $270,000 salary and a $100,000 bonus.
J.R. Brian Hanna, CFO, received total compensation of $313,070, down from $329,106 in 2014. The 2015 package includes a $238,846 salary and a $70,000 bonus.
The proxy notes that executive bonuses are tied performance goals and other criteria set out by the board of directors’ compensation committee. Since 2012, Morrison and Hanna have operated under an employment agreement that guarantees base salaries of no less than $260,000 and $220,000, respectively.
In March, the company reported 2015 net sales of $82.7 million, up nearly 9 percent from 2014. Net sales for the fourth quarter of 2015 were $17.1 million, up 22 percent from same quarter of 2014. But the company also reported a quarterly loss of $900,000, up from a loss of $1.1 million in the same quarter of 2014.
The firm also noted that in 2015, the ratio of CEO compensation to the total salaries and wages paid was about 9 to 1. Average annual renumeration of all employees, excluding the CEO, was $42,834, according to the proxy. The company has about 390 employees.
AERT recycles polyethylene plastic and makes composite building materials, including decking, railing, fences and door and window components. It has manufacturing plants in Springdale, Lowell and Watts, Oklahoma.
The company’s annual meeting is set for 10 a.m. June 28 at its Springdale headquarters. The company will vote whether to elect three directors and ratify HoganTaylor LLP as the company’s independent public accountants.
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