NO BONUS FOR DUPONT TOP EXECS
NEW YORK — Citing the global recession, DuPont chairman and chief executive officer Chad Holliday turned down his bonus last year, cutting his compensation by more than half.
The firm’s four other top-paid executives also received no bonuses last year, nor will the five receive increases in their base salaries this year. This comes after a 2001 that saw the Wilmington, Del.-based industrial giant’s underlying earnings fall by more than half, though one-time items caused its actual net income to be substantially higher than in 2000.
According to a filing with the Securities and Exchange Commission, Holliday was paid $1.1 million in base salary and other compensation in 2001. That compares with a purse of almost $2.8 million, including a $1.7 million bonus, last year.
“Given the worldwide business recession and its impact on DuPont earnings in 2001, Mr. Holliday asked that no variable compensation be granted to him,” said the company’s auditing committee in its proxy statement. “The board of directors honored this request.”
Richard Goodmanson, executive vice president and chief operating officer, who heads the company’s new DuPont Textiles & Interiors unit, was paid $659,095 in salary and other compensation last year. That compares with almost $1.5 million, including an $840,000 bonus.
As reported, DuPont has merged all its fiber-related businesses into one unit called DuPont Textiles & Interiors, which it plans to spin off next year.
DuPont’s net income last year was $4.34 billion, up from $2.31 billion in 2000. Results for 2001 included $3.09 billion in one-time after-tax gains; 2000 results included $564 million in one-time after-tax charges. Net revenues for the year were $25.37 billion, down 13.1 percent.