Long-term incentive plans for Armstrong Flooring (Lancaster, Pa.) disclosed in a statement to shareholders April 28 mean big pay increases for the company’s executives, according to Lancaster Online.
Armstrong President and CEO Donald Maier received $5.88 million in 2016, a large increase from $2.16 million in 2015, but $4.73 million of the 2016 compensation was given under a long-term incentive plan, the paper reported.
These “awards represent an incentive for future performance, not current cash compensation, and are ‘at risk’ of forfeiture...,” said the proxy, according to the paper. “There is no assurance that the grant date fair value of stock awards will be realized by the executive.”
CFO John Thompson received $1.86 million in 2016, $1.29 million of which came as long-term incentives, up from $739,000 in 2015. Dominic Rice, senior vice president for global operations and manufacturer, and John Basset, senior vice president of human resources, received similar compensation packages.
