Do you suppose he is really worth that kind of pay? I can't really imagine anyone worth nearly three million a year, including those ridiculous athletic salaries these days. The poor saps on the line don't receive no where near what HON employees of yesteryears received in profit sharing.
The top executive of office furniture and fireplace manufacturer HNI Corp. received compensation valued at $2.8 million in 2007.
Stan Askren, 47, received a large share of his compensation in the form of restricted stock and stock options, which were valued at nearly $1.1 million when they were awarded in February 2007, according to an analysis of a filing made Wednesday with the Securities and Exchange Commission.
Askren received a salary of $731,477 last year, up from $704,250 in 2006.
He also received a bonus of $9,731, down from the $10,538 he received in the previous year.
In addition, Askren received $763,315 from the company's nonequity incentive plan and $171,622 in other compensation.
That included $19,176 for company sponsored retirement plan contributions, $145,701 for a supplemental retirement plan and $180 for life insurance premiums.
Askren has been chairman and CEO since 2004 and president and a director since 2003.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.
In 2007, HNI earned $120.4 million, or $2.57 a share, compared to $123.4 million, or $2.45 cents a share a year earlier. Sales were $2.57 billion, down from $2.68 billion a year earlier.
Analysts had expected profits of $114 million, or $2.44 a share, on sales of $2.57 billion.
