Top Producers Hail From Industry's Fringe
October 4, 2004,
It probably says a lot about the state of the U.S. home fashions business that the five highest paid executives in the industry last year were on its periphery — producing carpets, tiles or decorative fabrics, rather than mainstream home textiles like sheets and towels.
The industry's fattest paycheck last year went to Larry Liebenow, president and CEO of decorative fabrics producer Quaker Fabric, who pocketed $2.9 million in 2003— less than a fourth of that in salary, $673,000, and the remaining $2.2 million in stock options exercised.
Holding down the second and third spots in this year's ranking are two floor-coverings execs, W.Christopher Wellborn, president of the Dal-Tile division of Mohawk, with $1.7 million; and W. Monte Thorton, president of Mohawk's carpet group, with $1.3 million.
Rounding out the top five are Howard Dunn Jr., president and chief operating officer of Culp Fabrics, and a perennial top earner; and Jeffrey Lorberbaum, president and CEO of Mohawk Industries, which derives by far the lion's share of its sales and profits both from its carpeting and tile businesses.
So much compensation is based on company performance, in the form of cash bonuses, that it should come as no surprise that only slightly more than half of the skippers in this year's profile, 13 of the 25, took home a bonus, reflecting the straitened circumstances of much of the U.S. home fashions businesses. That's about the same ratio as in 2002, when 12 of 21 executives banked a bonus.
In a chilling reminder of the state of the overall business, seven executives on this year's list of 25 — more than a fourth — are employed at two bankrupt companies, WestPoint Stevens and Dan River. And still drawing a paycheck in 2003 was Holcombe Green Jr., even though he was ousted earlier that year as chairman and CEO of WestPoint Stevens, a company he led into Chapter 11.
Executive Compensation Report VENDORS
dollar amounts in thousands
|Name, Title||Company||Total cash, stock options exercised||Salary 2003||Bonus 2003||Long-term incentive plan||Total cash compensation||Value of stock options exercised||Total cash comp. 3-yr. % change 2001-2003|
|(1) Fiscal year ended April 27, 2003.
(2) Retired on Dec. 26, 2003.
(3) Since Aug. 29, 2003.
|Larry A. Liebenow, President and CEO||Quaker Fabric||$2,889||$673||$0||$0||$673||$2,216||5.2%|
|W. Christopher Wellborn, President, Dal-Tile||Mohawk||1,722||420||315||0||735||987||—|
|H. Monte Thorton, President, Carpet Group||Mohawk||1,331||420||235||0||655||676||17.0|
|Howard L. Dunn Jr., (1)President and Chief Operating Officer||Culp||1,252||364||309||0||673||579||-4.4|
|Jeffrey S. Lorberbaum, President and CEO||Mohawk||1,178||667||511||0||1,178||0||9.2|
|Robert G. Culp, Chairman and CEO(1)||Culp||879||416||353||0||769||110||-6.0|
|M. L. (Chip) Fontenot, President and Chief Operating Officer||WestPoint Stevens||778||479||299||0||778||0||75.5|
|Thomas M. Duff, Chairman and CEO||Wellman||690||690||0||0||690||0||-25.0|
|E. Randall Chestnut, Chairman, President and CEO||Crown Crafts||589||368||221||0||589||0||-24.2|
|Joseph L. Lanier, Chairman and CEO||Dan River||575||575||0||0||575||0||4.2|
|Holcombe T. Green Jr., Chairman and CEO||WestPoint Stevens||531||531||0||0||531||0||-41.0|
|William B. Kilbride, President, Mohawk Home||Mohawk||503||363||140||0||503||0||-10.1|
|Robert B. Dale, President, Bed & Bath||WestPoint Stevens||481||309||172||0||481||0||171.7|
|Richard L. Williams, (2)President and Chief Operating Officer||Dan River||450||450||0||0||450||0||4.0|
|Clifford J. Christenson, Former President and Chief Operating Officer||Wellman||413||413||0||0||413||0||-29.0|
|Arthur S. Birkins, President, Basic Bedding||WestPoint Stevens||378||258||121||0||378||0||76.6|
|Nanci Freeman, President and CEO, Crown Crafts Infant Products||Crown Crafts||344||245||99||0||344||0||0.6|
|Franklin N. Saxon, President and Chief Operating Officer||Culp||332||233||99||0||332||0||-2.9|
|Thomas L. Muscalino, (3)President and Chief Operating Officer||Dan River||328||328||0||0||328||0||16.7|
|M. Beatrice Spires, Vice President, Design and Merchandising||Quaker Fabric||326||326||0||0||326||0||10.6|
|Mark Hellwig, Vice President, Supply Chain Management||Quaker Fabric||291||291||0||0||291||0||13.6|
|Rodney A. Smith, President, Culp Decorative Fabrics Division||Culp||285||200||85||0||285||0||7.7|
|John R. Hobson, Former Vice President, Fibers and Recycled Product Group||Wellman||264||264||0||0||264||0||-19.0|
|Joseph C. Tucker, Vice President, Fiber and Recycled Products Group||Wellman||241||241||0||0||241||0||-22.2|
|Thomas Muzekari, Vice President, Sales||Quaker Fabric||232||232||0||0||232||0||5.2|