Greg Gerber posted on October 29, 2008 16:22
FOREST CITY, Iowa - Motorhome manufacturer Winnebago Industries Inc. gave new Chairman and Chief Executive Bob Olson, who took the top jobs in May, a pay package worth $731,370 in its 2008 fiscal year, according to a regulatory statement filed Wednesday.
The compensation for Olson, 57, included a salary of $396,369 and $23,404 in non-equity incentive plan compensation, which is rewarded for the company's performance, Winnebago said in a proxy filing with the Securities and Exchange Commission.
He also was paid $29,497 in other compensation, which included the company's contribution to his 401(k) retirement plan, use of a company car, a health examination and life insurance contribution.
Olson also was awarded stock and options that had an estimated value of $282,100 when they were granted in October 2007.
Olson became CEO in May, two months after Bruce Hertzke announced he was stepping down. Olson had been named president of the company in May 2007 as part of a succession plan. Winnebago's board gave him a 27.5 percent salary increase when he took the larger role. Olson joined Winnebago in 1969 as an hourly production worker.
Hertzke, who spent 36 years with Winnebago, was paid about $1.4 million for his service in fiscal 2008, according to the company's proxy. He received a salary of $433,867, non-equity incentive plan compensation of $50,741 and other compensation of $104,367.
SOURCE: Forbes