Louisiana-Pacific CEO Curt Stevens' performance in 2013 has earned him a 13 percent raise and his top lieutenants pay bumps worth a combined $50,500.
Downtown-based LP last year beat its internal adjusted EBITDA target by 96 percent, leading the building materials company's board to lift Stevens' base salary to $850,000 from $750,000. The raise is Stevens' second consecutive $100,000 bump. A year ago, the LP board gave the company's top executives their first base pay increases since 2008.
The LP board also last month awarded the following raises to the company's four other top executives:
• CFO Sallie Bailey: $426,500 to $440,000
• Sales and Marketing EVP Rick Olszewski: $389,000 to $400,000
• Oriented Strand Board EVP Jeff Wagner: $344,000 to $355,000
• Senior VP and General Manager of Siding Brad Southern: $300,000 to $315,000
On top of the raises, LP's directors also increased the long-term equity incentives they granted Stevens. He received $2.7 million worth of long-term payments — split between restricted stock and stock appreciation rights — up from $2 million last year. Similarly, Southern received a grant of $300,000, up from $250,000. Bailey's incentive pool stayed at $650,000 while Olszewski and Wagner received a little less than in 2013.
For LP's proxy statement, click here. Find the info on the 2014 raises by searching for "increase in base."
Shares of LP (Ticker: LPX) were down slightly in Friday afternoon trading to $16.75. Year to date, they have given up about 10 percent.