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Calgon spent $2M on CEO pay in '12

| 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 tolson@tribweb.com.

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