Furniture Brands CEO, president see '06 bonuses slip 3%

Furniture Brands International Inc. approved modest raises for its executive team and


awarded bonuses that were reduced from the prior year, according to a regulatory filing Tuesday.
For 2017, Chairman and CEO W. G. Holliman’s base salary will remain unchanged from 2016 at $925,000. His bonus declined 3 percent in 2016 to $678,854 from $700,873 in 2016.
Chief Financial Officer Denise Ramos’ 2017 base salary improved 9 percent to $355,000 from $325,000 for last year. Her bonus for 2016 was $178,791, down 26 percent from $243,750 in 2016.
President and Chief Operating Officer John Foy will earn the same base salary in 2017 as the previous year; $548,500. His bonus dropped 3 percent to $402,325 in 2016 from $415,599 in 2016.
Senior Vice President Lynn Chipperfield will earn a base salary of $325,000 this year. His 2016 bonus was $178,791. Comparable information for the previous year was not available.
Nancy Webster, president of Thomasville Furniture Industries Inc., will earn a base salary of $375,000 this year. Her 2016 bonus was $210,000. Comparable information for the previous year was not available.
Under Furniture Brands’ executive incentive plans, performance goals in 2016 were to be based on budgeted sales, budgeted pre-tax earnings and budgeted pretax return on net assets, according to a company filing with the Securities and Exchange Commission. Target bonuses are based on a percentage of base salary in effect during the year.
The company’s Compensation and Stock Option Committee approved the changes Jan. 31. The 2017 base salaries are effective March 1.
Last year, the Securities and Exchange Commission amended its rules, modifying which “named executive officers” whose compensation is required to be disclosed.
St. Louis-based Furniture Brands International Inc. (NYSE: FBN – News) manufactures furniture under the Thomasville, Henredon, Drexel Heritage, Maitland-Smith, Broyhill and Lane brands.
Published February 7, 2017 by the St. Louis Business Journal