Matt Espe, CEO at Armstrong World Industries (Lancaster, Pa.), saw his total pay package drop 53 percent in 2011 to $5 million in total compensation, according to Lancaster Online.com.
His compensation in 2011 included $980,000 in salary, $3.0 million in stock and stock options, and $989,000 from a management incentive program. Armstrong said its pay packages are based on executive performance and are compared with executive pay amounts at 16 peer companies.
In 2010, Espe, who took the reins of Armstrong that July, earned $10.6 million, a figure boosted by bonuses, stock and stock options. On Monday, Armstrong released its first quarter earnings report.
Frank Ready, CEO of Armstrong Floor Products, took home $2.7 million in compensation in 2011. The full article at LancasterOnline.com includes the 2011 compensation for three other top Armstrong officials.
