2001 was a Rewarding Year for Columbia Executives
Portland, Ore.--As Columbia Sportswear prepares for its annual shareholders' meeting next week, its top executives can look back on a rewarding year.
Timothy Boyle, Columbia's president and chief executive officer, received a $1.4 million bonus on a $690,000 base salary
in 2001, according to a document filed with the Securities and Exchange commission.
Don Santorufo, executive vice president and chief operating officer, earned a $925,203 bonus on a $500,673 base salary. Gertrude "Ma" Boyle, chairman of the board, earned a $499,610 bonus on a base salary of $675,000.
The bonuses were down slightly from 2000 figures.
According to the company, Tim Boyle was eligible for a bonus totaling 30 percent to 220 percent of his base salary based on the company meeting from 85 percent to 130 percent of predetermined financial goals. Columbia achieved 125 percent of those goals, the company said.
Sales rose nearly 27 percent in 2001 to $779.6 million while net income rose 51.5 percent to $58.6 million. Columbia's stock price ended 2001 virtually unchanged from the beginning of the year.
The company said Boyle's base salary for 2002 is unchanged from 2001 but he will again be eligible for a bonus based on the company's financial performance.
Boyle has another strong incentive for the company to perform well: he is Columbia's single largest shareholder with 15.7 million shares, or 40 percent of outstanding shares.
Based on Wednesday's closing price of $38.20 a share, Boyle's Columbia holdings are worth more than $600 million.
The annual meeting is scheduled for Thursday, May 16 at Columbia's headquarters in Portland.
Timothy Boyle, Columbia's president and chief executive officer, received a $1.4 million bonus on a $690,000 base salary
Don Santorufo, executive vice president and chief operating officer, earned a $925,203 bonus on a $500,673 base salary. Gertrude "Ma" Boyle, chairman of the board, earned a $499,610 bonus on a base salary of $675,000.
The bonuses were down slightly from 2000 figures.
According to the company, Tim Boyle was eligible for a bonus totaling 30 percent to 220 percent of his base salary based on the company meeting from 85 percent to 130 percent of predetermined financial goals. Columbia achieved 125 percent of those goals, the company said.
Sales rose nearly 27 percent in 2001 to $779.6 million while net income rose 51.5 percent to $58.6 million. Columbia's stock price ended 2001 virtually unchanged from the beginning of the year.
The company said Boyle's base salary for 2002 is unchanged from 2001 but he will again be eligible for a bonus based on the company's financial performance.
Boyle has another strong incentive for the company to perform well: he is Columbia's single largest shareholder with 15.7 million shares, or 40 percent of outstanding shares.
Based on Wednesday's closing price of $38.20 a share, Boyle's Columbia holdings are worth more than $600 million.
The annual meeting is scheduled for Thursday, May 16 at Columbia's headquarters in Portland.
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