Cree’s top two executives took a double-digit hit on compensation for its most recent fiscal year after the company reported a slight drop in revenue, according to an SEC filing.
In other news:
An investment firm has bought a sizable chunk of CommScope.
And the CEO of Sealed Air is going to retire.
The details, as reported by North Carolina Business News Wire:
- Cree CEO Swoboda compensation falls 13 percent
By Addison Lalier
DURHAM – The chief executive officer of Durham-based Cree Inc. received a 13 percent decrease in total compensation during its 2017 fiscal year, according to a filing Friday with the Securities and Exchange Commission.
Charles M. Swoboda received $5.3 million in total compensation during the year, down from $6 million the year before.
Swoboda’s base salary remained at $785,000 between fiscal 2016 and 2017. Based on the financial and performance targets set and 2017 results, no annual cash based incentive award was achieved.
During the 2017 fiscal year, the lighting manufacturer reported revenue of $1.5 billion, down from $1.6 billion the year before.
Swoboda has been CEO since June 2001, and served as president since January 1999. He has held other various positions within the company, including: member of the board of directors, chairman, chief operating officer, vice president of operations and operations manager. Prior to Cree, Swoboda was employed by Hewlett-Packard Co.
In May 2017, Cree announced chief executive Swoboda will step down from his executive positions and as a member of the board of directors. Swoboda will stay with the company until a successor is appointed.
Michael E. McDevitt, the company’s executive vice president and chief financial officer, also received a 14 percent decrease in total compensation to $1.8 million in 2017 from $2.1 million the previous fiscal year.
McDevitt joined the company in 2002 and has served as executive vice president and CFO since 2013.
The company’s annual meeting will be held Oct. 24 in Durham.
Cree’s shares closed Friday at $23.85, down 63 cents.
- LA-based investment group buys 12 percent stake into CommScope
By Sissy Rodriguez
HICKORY — Los Angeles-based money manager Capital Group acquired over 23 million shares of CommScope Holding Co. on Aug. 31, maintaining a 12.2 percent stake in the company, according to a Securities and Exchange Commission filing on Friday.
Capital Group’s stake in CommScope is worth an estimated $758.3 million. It is one of the world’s oldest and largest investment management organizations and has $1.5 trillion in assets under management.
Other institutional investors of the Hickory-based communications infrastructure provider company include Vanguard Group Inc., BlackRock Inc., FMR LLC, and Wellington Management Group.
Combined, these institutions hold more than 210 million shares of CommScope.
CommScope, which opened in 1976, is a multi-national infrastructure provider company with over 25,000 employees worldwide and customers in over 130 countries.
The company has an estimated market capitalization of over $6 billion.
Commscope was trading at $33.01 per share, unchanged, in Friday afternoon trading.
- Sealed Air CEO to retire; former Joy Global CEO picked as replacement
By Charlotte Chilton
CHARLOTTE — Sealed Air Corp., a Charlotte-based packing products company, announced that Chief Executive Officer Jerome Peribere will retire at the end of the year, according to a Securities and Exchange Commission filing.
Peribere, who has worked at Sealed Air for five years and has served as CEO since 2013, will be succeeded by Edward Doheny II, who was named director of the company.
Doheny has served as chief executive officer for mining machinery company Joy Global as well as president of solutions and president of industrial technologies at Ingersoll-Rand. His position as CEO and president of Sealed Air will become effective on Dec. 31, 2017, following a transition under Peribere.
The responsibilities during Doheny’s transitional period, in which he will report to Peribere, will include the management of Sealed Air’s operating business and supply chain network.
William Marino, chairman of Sealed Air’s board, stated that Doheny is an “experienced and transformational leader with a proven ability to drive profitable innovation-based growth strategies.”
Doheny will receive an annual base salary of $1.15 in addition to an awarded 30,000 restricted stock units and 70,000 performance stock units. Peribere received a total annual compensation of $1.25 million as CEO.
Sealed Air’s shares fell 53 cents to $43.22 in Friday afternoon trading.