Lexmark Bonuses reflect tough market conditions
Unusually these days, when it seems that Boardroom Emoluments are unaffected by the performance of the company for which that Boardroom is responsible, Lexmark executives have had their Bonuses slashed, reflecting the fall in the companies share price over the past 12 months.
In a Proxy statement released by the company this week, it revealed that the board cut an annual incentive bonus last year to CEO Paul Curlander because of the poor performance of the companies inkjet division. Since 2005 the company has slashed the workforce, closed factories around the world and concentrated their efforts on people who print more.
Overall, Curlander’s pay dropped more than 18 percent compared with 2006, whilst the other top executives (except for the Chief Financial Officer) saw pay drop too. He still trousered the top side of $1Million so there is no need to shed tears for him just yet!.
