Lowe’s CEO Got Compensation Valued at $9.1M
Charlotte, N.C. Lowe’s Cos. chairman and chief executive Robert A. Niblock received compensation valued at $9.1 million in 2007—-about 7.5% more than in 2006, a regulatory filing Tuesday showed.
The higher compensation came as the home improvement industry has suffered as consumers cut back spending on home renovations in the face of declining home values, lower sales and tighter credit requirements.
Niblock, 45, received $1.05 million in 2007 salary. He also got $104,707 in other compensation, including $49,185 for personal use of corporate aircraft and $6,564 for a company-required physical exam, according to the Mooresville-based company’s filing with the Securities and Exchange Commission.
He did not receive any non-equity compensation for the fiscal year ended Feb. 1, due to a decrease of 8.65% in the company’s net earnings before interest and taxes from the immediately preceding fiscal year. The amount was less than the threshold growth level of 5% required for any award, the company said.
Niblock did receive stock awards that the company valued at $7.9 million on the day they were granted.
For the year, Lowe’s reported earnings of $2.8 billion, or $1.86 per share, compared with $3.1 billion, or $1.99 per share, in 2006. Revenue rose to $48.3 billion in 2007 from $46.9 billion the year before.
MIPS Technologies appoints new cfo
MOUNTAIN VIEW, Calif. MIPS Technologies, a leading provider of industry-standard architectures, processors and analog IP for digital consumer, home networking, wireless, communications and business applications, has appointed Maury Austin as the company’s new cfo, reporting to president and ceo John Bourgoin.
“I am pleased to welcome a seasoned, versatile financial veteran such as Maury to our team,” said Bourgoin. “Following the acquisition and integration of Chipidea, MIPS Technologies has entered a new phase, with two strategic business groups and an aggressive growth strategy. Maury’s impressive depth and business acumen will be critical for MIPS, and I look forward to his contributions and leadership as we continue to drive innovation in the global IP market.”
Most recently Austin served as senior vp and cfo of Portal Software, where, working with the executive staff, he drove redevelopment of the company’s business model and was instrumental in its subsequent acquisition by Oracle.
Hall joins NexCen as cfo
NEW YORK NexCen Brands has appointed Kenneth Hall as evp, cfo, and treasurer, effective March 25. He will be responsible for all aspects of the company’s financial management and human resources functions. He replaces David Meister, who is leaving the company.
Hall most recently served as the cfo and treasurer of Seevast, a leading online-media holding company comprised of ad networks, Pulse 360 and Kanoodle, and a domain asset management company, Moniker, which was recently sold.