From The Milwaukee Journal Sentinel
GLENDALE, WI — Johnson Controls top executive made more than $4 million in the company’s last fiscal year, a 40 percent increase for the second straight year, the company said in a filing with securities regulators.
The Glendale, Wis.-based company said John Barth, its chairman, chief executive and president, was paid $4.3 million in the fiscal year that ended Sept. 30, up from $3.06 million in fiscal 2003.
The maker of automotive interior systems and building controls systems had full-year 2004 net income of $817.5 million, a 20 percent gain.
Johnson Controls is Wisconsin’s largest company ranked by sales. In an analysis earlier this year of executive compensation at Wisconsin-based public companies by the New York City compensation consulting firm Pearl Meyer & Partners, Barth had the top-ranked salary last year. He also was third in a ranking of executives who profited from the sale of stock options.
In fiscal 2004, Barth was awarded stock options but did not exercise any, the company said in a proxy statement filed Friday with the Securities and Exchange Commission.
Barth’s pay included a base salary of $1.28 million, a bonus of $2.67 million and $349,000 in other compensation.
The company said it increased Barth’s salary by $200,000 in early 2004 because of performance and because of his promotion to company chairman and chief executive. His bonus surged to $2.7 million from $1.8 million in fiscal 2004.
The increases are tied to the company’s performance, the company’s compensation committee said, noting that 91 percent of Barth’s compensation was tied to the performance of the company and its stock price. The company’s stock price rose 22 percent during the past fiscal year, compared with a 13 percent gain for the Standard & Poor’s 500 index during the same period.
Stephen Roell, the company’s No. 2 executive, got a 33 percent raise last year. Roell earned total compensation of $1.65 million, up from $1.24 million in fiscal 2003. Other top-paid Johnson Controls executives in fiscal 2004 were Keith Wandell, head of the automotive business, $1.45 million; John Kennedy, head of the company’s Milwaukee-based controls business, $1.38 million; and Giovanni Fiori, head of international business, $1.26 million.
Copyright 2004 The Milwaukee Journal Sentinel via ProQuest Information and Learning Company.
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