Off 96 percent compared with 2000
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Ingram Micro Chairman and CEO Kent Foster took home a $31,000 bonus in 2001, a 96 percent decrease from his bonus the previous year, according to the annual proxy statement filed by the company with the Securities and Exchange Commission.
Foster, who joined Ingram Micro in March 2000, had a $1.1 million salary last year, up from $808,000 in 2000. He also earned an $808,000 bonus in 20001.
Foster was eligible for a maximum bonus of 200 percent of his annual base salary in 2001, based on the distributor's performance. Ingram Micro earned $6.7 million, or 4 cents per share, on sales of $25.19 billion in 2001, compared with earnings of $226.2 million, or $1.52 per share, on sales of $30.72 billion in 2000.
Other Ingram Micro executives also saw their bonuses shrink, but not nearly as much as Foster's.
Mike Grainger, president and COO, saw his bonus fall to $177,000 last year, compared with $249,000 in 2000. Executive Vice President, Chief Strategist and CIO Guy Abramo's bonus fell to $84,000 from 154,000. Kevin Murai, executive vice president and president of Ingram Micro's North American operations, earned $95,000 in bonuses, down from $320,000 the prior year. James Anderson, senior vice president, secretary and general counsel, earned $69,000, down from $169,000 in 2000. The collective salaries of those four executives increased 22 percent in 2001.
All the bonuses except for Foster's were calculated using revised financial performance targets for the second half of the year. Foster requested that his performance bonus not be calculated using the revised financial targets, according to the filing.
Ingram Micro is scheduled to report its first-quarter earnings Thursday.