Monday, July 07, 2008
La-Z-Boy CEO receives $1.6 million pay package
Kurt Darrow, CEO of La-Z-Boy, will receive a pay package worth more than $1.6 million this year, according to a proxy statement filed today with the Securities and Exchange Commission.
The $1,658,509 package includes a base salary of $675,000, $375,504 in stock awards, $330,310 in option awards, $202,000 in non-equity incentive plan compensation, and $75,695 in "all other compensation," according to the proxy statement. Darrow's pay package in 2007 was worth $1,343,791.
The "all-other" compensation includes company contributions to a 401K plan and an executive deferred compensation plan.
And while anyone who gets downsized by one of Darrow's actions gets little or nothing, if Darrow is fired or replaced, he will receive three years worth of severance pay and a package worth $3,044,433.