NO BONUSES FOR TOP EXECS AT GALEY & LORD FOR 1995

Byline: Thomas J. Ryan

NEW YORK--The top executives at Galey & Lord Inc. missed out on bonuses in its fiscal year ended Sept. 30, reflecting poor company earnings.
According to its just-released proxy statement, Arthur C. Wiener, chairman, president and chief executive officer, was the highest-paid executive in the group, earning $500,000. However, that represents a 43.7 percent pay cut from the $888,335 he earned in 1994.
The decline reflected the omission of an incentive bonus in 1995 after being awarded $319,583 in 1994. Wiener also received $93,752 in deferred compensation in 1994 that he could not tap in 1995. Under Galey & Lord's incentive plan, each executive is entitled to receive an additional 30 percent of his/her incentive bonus in deferred compensation each year. Wiener's base salary increased to $500,000 from $475,000.
The proxy noted that the six key officers missed out on bonuses last year because the company failed to reach targeted operating earnings levels. Operating earnings last year fell 43.9 percent to $21.8 million from $30.7 million.

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