Executive Compensation — Ghosts of Pay Cuts to Come

5) JOE R. DAVIS
Chairman and CEO
Consolidated Graphics, Houston
Salary + Bonus + Incentives: $1,500,000
Other Compensation: $3,882
Total: $1,503,882
Previous Year Total: $1,972,949
Percentage Change: -24%

6) WES LUCAS(2)
President and CEO (2007)
Quebecor World, Montreal
(Converted to U.S.$$)
Salary: $1,458,130
Other Compensation —
Total: $1,458,130
Previous Year Total: $2,240,920
Percentage Change: -35%

7) ALAN F. SCHULTZ
CEO, President and Director
Valassis, Livonia, MI
Salary + Incentives: $1,404,000
Other Compensation: $25,485
Total: $1,429,485
Previous Year Total: $1,027,448
Percentage Change: 39%

8) DAVID J. SHEA
Chairman and CEO
Bowne & Co., New York
Salary + Incentives: $1,265,000
Other Compensation: $74,198
Total: $1,339,198
Previous Year Total: $1,150,186
Percentage Change: 16%

9) ROBERT KEANE
Chairman, President, CEO
VistaPrint, Lexington, MA
Salary + Incentives: $1,123,359
Other Compensation: $1,446
Total: $1,124,805
Previous Year Total: $901,435
Percentage Change: 25%

10 ) DENNIS L. REDIKER
President and CEO
Standard Register, Dayton, OH
Salary + Incentives: $970,298
Other Compensation: $71,029
Total: $1,041,327
Previous Year Total: $937,766
Percentage Change: 11%

(1)François Olivier, the current president and CEO, earned $734,493 during the same period as COO.

(2)Wes Lucas was appointed president and CEO on May 11, 2006, and was succeeded by Jacques Mallette on December 17, 2007. Mallette earned $1,199,229 in fiscal year 2007, chiefly as executive vice president and CFO.

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