Big pay day for retired Black & Decker chairman
Former Stanley Black & Decker chairman Nolan Archibald, who retired from the company in March of last year, received a compensation package totaling approximately $133 million last year, according to an annual proxy SEC filing the company published on Tuesday.
A $51.4 million merger bonus contributed to the unusually high payout, which was "based on the annual run-rate of cost savings achieved by the company" as of his retirement that were attributable to the merger of Stanley and Black & Decker in 2010.
The company reported savings of at least $370 million -- in excess of the $350 million goal -- attributable to the merger, many of which involved numerous layoffs.
Archibald's total compensation package also included a pro-rated performance-based salary of $365,000 for the 10 weeks worked in 2013, $334,000 in post-termination life insurance, "other compensation" totaling $441,000 (including $217,000 for personal use of the corporate aircraft), $47.2 million in exercised stock options, $9 million in vesting of stock options and $23.9 million in vesting of restricted stock/RSUs.
In comparison, CEO John Lundgren's take-home pay came in at $10.7 million including salary, bonus and other compensation, plus another $25.2 million from stock options.
Stanley Black & Decker had no comment for HCN related to the filing.