AddThis

Big pay day for retired Black & Decker chairman

Archibald took home a big bonus for his role in engineering the cost-cutting merger in 2010.

Former Stanley Black & Decker chairman Nolan Archibald, who retired from the company in March of last year, received a compensation package totaling approximately $133 million last year, according to an annual proxy SEC filing the company published on Tuesday.

A $51.4 million merger bonus contributed to the unusually high payout, which was "based on the annual run-rate of cost savings achieved by the company" as of his retirement that were attributable to the merger of Stanley and Black & Decker in 2010.

The company reported savings of at least $370 million -- in excess of the $350 million goal -- attributable to the merger, many of which involved numerous layoffs.

Archibald's total compensation package also included a pro-rated performance-based salary of $365,000 for the 10 weeks worked in 2013, $334,000 in post-termination life insurance, "other compensation" totaling $441,000 (including $217,000 for personal use of the corporate aircraft), $47.2 million in exercised stock options, $9 million in vesting of stock options and $23.9 million in vesting of restricted stock/RSUs.

In comparison, CEO John Lundgren's take-home pay came in at $10.7 million including salary, bonus and other compensation, plus another $25.2 million from stock options.

Stanley Black & Decker had no comment for HCN related to the filing.


Want to read more?
This content is available only to registered users. Log in to read the rest of this article or create a free account.
© 2014 Home Channel News. All Rights Reserved.