As a result, Holmes and other senior executives saw their salaries frozen for 2009. Holmes made $1.1 million last year.
Holmes also was due an unspecified "incentive compensation," but the company did not pay it at Holmes' recommendation "for reasons unrelated to his performance."
--Brendan Barba, AEP Industries Inc.: Barba shared in the 3 percent increase in base salary that was given to all employees of the South Hackensack-based plastic packaging maker.
But with net income falling to $12.2 million from $30.1 million, the company fell short of its performance targets, and Barba and other executives got no bonuses and "all of their performance units granted in fiscal 2008 were forfeited." Barba received a $706,991 bonus in 2007.
--Richard Berliner, Berliner Communications Inc.: Berliner's salary is fixed by contract, but his bonus is determined by cash flow, or EBITDA (earnings before interest, taxes, depreciation and amortization).
With the Elmwood Park-based company's EBITDA coming in more than $2 million above target, Berliner received a bonus of 4 percent of EBITDA, or $860,058 -- four times more than he received a year earlier.
--David Snow, Medco Health Solutions Inc.: The Franklin Lakes-based pharmacy benefits manager set three performance goals -- $2.21 in earnings per share, $1.2 billion in new sales and a 97 percent client retention rates. Medco exceeded the first two, but fell short on the third.
Even so, the compensation committee recommended that Snow get a higher bonus for 2008 than in 2007 based on "the difficulty of achieving 2008 performance goals" in the current economic climate. Snow received a $3 million bonus, $400,000 more than in 2007.
E-mail: demarrais@northjersey.com
-----
To see more of The Record or to subscribe to the newspaper, go to http://www.northjersey.com.
Copyright (c) 2009, The Record, Hackensack, N.J.
Distributed by McClatchy-Tribune Information Services.
For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
NASDAQ-NMS:HCBK, NYSE:VNO, NYSE:CAR, NYSE:HON, NASDAQ-NMS:ASFI, NYSE:HTZ, NYSE:WYN, NASDAQ-NMS:AEPI, NASDAQ-OTCBB:BERL, NYSE:MHS, Philippines:MED,
A service of YellowBrix, Inc.
