Executive Compensation : Big Paydays for Many CEOs

With publicly held companies on the 2010 Printing Impressions 400 reporting sales declines for their most recently completed fiscal years—with the exception of online specialist Vistaprint, which reported a 30 sales percent gain—pay levels for the principal officers at these large firms didn’t necessarily follow suit. For most of the executives appearing here, their overall salaries were up significantly.

In fact, base salaries combined with non-equity incentive plan compensation more than doubled the earnings for Alan Schultz of 
Valassis and Tom Quinlan of RR Donnelley. By contrast, Robert Burton, of Cenveo, received no non-equity incentive plan compensation for 2009, but did garner $1,474,338 toward his total package through Cenveo’s key employee retention program (KERP). Also, the annual salary for Joel Quadracci, chairman, president and CEO of Quad/Graphics—the second largest printer in North America—is not shown because the company did not go public until early this past July.

In what is now Printing Impressions’ 21st annual executive compensation report, stock awards, stock options, changes in pension values and deferred compensation earnings were not included in the figures shown here. Only annual salaries, bonuses, non-equity incentive plan payments and those earnings listed under the “all other compensation” category were totalled, as reported in the most recent proxy statements of publicly held U.S. and Canadian printing establishments.

If all types of income potential had been included in our calculations, the big winners would be Thomas Quinlan with $7,889,992 in total compensation, Robert Keane at $5,475,502, Robert Burton with $4,203,940 and Alan Schultz at $3,948,846.

The salaries and percentage increases/decreases represent the most recently completed and previous fiscal years, which were 2009 and 2008, in several instances. PI

1. ALAN F. SCHULTZ
CEO, President and Director
Valassis, Livonia, MI
Salary + Incentives: $3,000,000
Other Compensation: $48,195
Total: $3,048,195
Previous Year Total: $1,414,704
Percentage Change: 115%

2. THOMAS J. QUINLAN
President and CEO
RR Donnelley, Chicago
Salary + Incentives: $2,500,000
Other Compensation: $34,197
Total: $2,534,197
Previous Year Total: $1,042,405
Percentage Change: 143%

3. ROBERT G. BURTON
Chairman and CEO
Cenveo Inc., Stamford, CT
Salary + Incentives: $1,011,859
Other Compensation: $1,504,081
Total: $2,515,940
Previous Year Total: $1,582,479
Percentage Change: 59%

4. LEE J. SCHRAM
CEO
Deluxe Corp., Shoreview, MN
Salary + Incentives: $1,504,809
Other Compensation: $153,615
Total: $1,658,424
Previous Year Total: $944,942
Percentage Change: 76%

5. KEITH S. WALTERS
Chairman, President and CEO
Ennis Inc., Midlothian, TX
Salary + Incentives: $1,378,696
Other Compensation: $182,363
Total: $1,561,059
Previous Year Total: $1,164,982
Percentage Change: 34%

6. FRANÇOIS OLIVIER
President and CEO
Transcontinental Inc., Montreal (Converted to U.S.$$)
Salary + Bonus: $1,415,334
Other Compensation: $47,785
Total: $1,463,119
Previous Year Total: $1,336,418
Percentage Change: 9%

7. ROBERT S. KEANE
President and CEO
Vistaprint, Lexington, MA
Salary + Incentives: $1,231,382
Other Compensation: $38,986
Total: $1,270,368
Previous Year Total: $875,650
Percentage Change: 45%

8. JOSEPH P. MORGAN
President and CEO
Standard Register, Dayton, OH
Salary + Incentives: $732,308
Other Compensation: $115,569
Total: $847,877
Previous Year Total: $590,366
Percentage Change: 44%

9. JAMES F. CONWAY III
Chairman, President and CEO
Courier Corp.,
North Chelmsford, MA
Salary: $676,673
Other Compensation: $67,233
Total: $743,906
Previous Year Total: $758,805
Percentage Change: -2%

10. JOE R. DAVIS
Chairman and CEO
Consolidated Graphics, Houston
Salary + Incentives: $637,500
Other Compensation: $4,507
Total: $642,007
Previous Year Total: $744,726
Percentage Change: -14%

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