Cree’s chairman, chief executive officer and president received a 11.6 percent increase in total compensation in the company’s 2016 fiscal year due to an increase in stock awards and non-equity incentive plan compensation, according to a Securities and Exchange Commission filing.
Charles M. [Chuck] Swoboda’s total compensation for the fiscal year totaled $6.0 million, up from $5.4 million in the company’s 2015 fiscal year. His stock awards increased to $5.0 million in fiscal year 2016, up from $3.6 million in fiscal year 2015. He was also granted a $252,770 non-equity bonus after not receiving any in the previous year.
Swoboda’s salary for fiscal year 2016 was $785,000, up 0.7 percent from his fiscal year 2015 base salary of $779,615. The Durham-based company said in its filing that the company’s executive compensation program worked as intended for fiscal year 2016 and it plans on continuing Cree’s pay-for-performance philosophy in 2017 and beyond.
Michael E. McDevitt, Cree’s executive vice president and chief financial officer, received total compensation of $2.1 million during the 2016 fiscal year. That includes a $129,536 non-equity bonus and $1.5 million in stock awards.
McDevitt’s base salary is $440,000, according to the Form Def 14A.
Cree, which manufactures and markets lighting products and products for power and radio frequency applications, reported revenue of more than $1.6 billion in its 2016 fiscal year, a decrease of 1 percent. Its operating income for the year rose 23.9 percent to $88 million.
Cree’s annual meeting will be Tuesday, Oct. 25, at 10 a.m. Eastern time, at its experience center, located on 4408 Silicon Drive in Durham.
The company’s shares closed Sept. 6 at $24.63 and are down 0.08 percent.
Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
