Calgon spent $2M on CEO pay in '12
By Thomas Olson
Published: Thursday, March 21, 2013, 12:01 a.m.
Calgon Carbon Corp. paid its chief executive and its former CEO a combined total of $2 million last year, according to proxy materials.
The Robinson company, which produces air and water purification systems, paid CEO Randy Dearth $769,613, including a salary of $222,708. Dearth joined Calgon Carbon in August after serving as CEO of Lanxess Corp., the chemicals company based in Findlay. The filing also said he would receive $1.4 million if there's a change in control of the company.
Former CEO John Stanik, who retired in July, received total compensation of $1.2 million, including a salary of $320,833. He received $1.3 million in total pay in 2011, including $545,113 in salary.
Stanik forfeited his performance-based stock grants and unvested stock options granted in the last two years as part of his separation agreement.
The company will hold its annual shareholders meeting May 1 at 1 p.m. at the headquarters in Robinson.
At the meeting, management will recommend four nominees to its board, including two independent nominees agreed upon with a dissident shareholder on March 12. Starboard Value LP, a New York investment firm with a 9.2 percent stake in the company, initially had sought to elect three nominees to Calgon Carbon's board.
Management agreed to support one of Starboard's nominees, Louis Massimo, former executive vice president and chief operating officer of Arch Chemicals Inc., and one nominee suggested by the board, Donald Templin, senior vice president and chief financial officer of Marathon Petroleum Corp.
Thomas Olson is a staff writer for Trib Total Media. He can be reached a 412-320-7854 or at email@example.com.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Google challenges nonprofits on ideas to use Glass
- PNC’s CEO elected board chairman
- Record cold facilitates coal’s comeback
- Corbett: Coal is working
- ‘Old GM’ defense expected in court fight over faulty ignition switch
- McDonald’s profit slips amid weak sales
- AT&T joins crowded field with online video plans
- Tesla delivers 1st cars in China
- Drugmakers ready to carve out deals any way they can
- Winning streak for stocks continues
- BNY Mellon notches $661M profit in 1st quarter