Daily Record Financial News &
Thursday, May 3, 2018
Vol. 105, No. 119 • One Section
Raymond Quirk
Thomas Sanzone
Paul Boynton
Martin Stein
FIS Group
Fidelity National Financial
Black Knight Inc.
Rayonier AM
Regency Centers
$29.14 million
$8.96 million
$7.15 million
$7.97 million
$5.59 million
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Interim JEA CEO brings changes
THE TOP FIVE 2017 Gary Norcross
35¢
Aaron Zahn explains how he landed job, and his role at the city-owned utility.
WHAT CEOs MAKE Company
CEO
Salary Incentives
Total Change
Advanced Disposal
Richard Burke
$618,000
$459,180
$3,811,222
32%
Ameris
Edwin Hortman
$700,000
$572,147
$2,720,022
13%
ARC Group
Richard Akam
$160,000
$32,500
$205,700
5%
Atlantic Coast Financial
John Stephens
$421,930
$0
$445,595
41%
Black Knight Inc.
Thomas Sanzone
$750,000
$870,000
$7,147,086
15%
CSX
James Foote
$149,919
$400,000
$2,647,561
N/A
Drone Aviation
Jay Nussbaum
$128,000
$0
$2,243,659
Duos Technologies
Gianni Arcaini
$226,600
$38,846
$292,341
Fidelity National Financial Raymond Quirk
$1,000,000
$3,000,000
$8,961,216
16%
FIS Group
Gary Norcross
$1,150,000
$15,700,500
$29,141,610
46%
FRP Holdings
John Baker
$177,906
$122,375
$483,533
NA
GEE Group
Derek Dewan
$300,000
$0
$300,000
131%
International Baler
William Nielsen
$120,000
$0
$120,000
No change
Landstar System
James Gattoni
$450,000
$3,000,000
$4,434,676
ParkerVision
Jeffrey Parker
$325,000
$0
$578,012
31%
Patriot Transportation
Robert Sandlin
$297,696
$0
$496,063
12%
Rayonier
David Nunes
$668,750
$969,690
$3,713,047
6%
Rayonier AM
Paul Boynton
$951,000
$1,325,000
$7,972,007
11%
Regency Centers
Martin Stein
$850,000
$1,737,400
$5,591,771
9%
TapImmune
Peter Hoang
$90,625
$11,300
$896,925
Web.com Group
David Brown
$560,000
$321,000
$5,563,928
57% 7%
210%
N/A
CSX Corp.’s $84 million in payments to recruit Hunter Harrison as CEO made headlines last year, but that was only part of the story of Harrison’s compensation package. Harrison, who was appointed CEO in March 2017 but died in December, had a package valued at $151 million for fiscal 2017, according to CSX’s annual proxy statement. The Wall Street Journal reported that would have been the highest CEO pay
Public
for any company in the Standard & Poor’s 500 index last year. However, Harrison never actually received that amount. The package included 9 million stock options with an estimated value Harrison of about $116 million. But because of his death, those options were forfeited, the proxy said. That would have left Harrison with a package of $35 million, which would have still been the 10th highest CEO package, the Journal said. But that also doesn’t tell
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the full story, because it doesn’t account for the full $84 million paid to reimburse Harrison for money he forfeited by leaving his previous position to pursue the CSX job. The $84 million was paid in two installments, but only the second payment of $29 million is included as part of Harrison’s CEO pay for 2017. The first $55 million was paid by CSX to hedge fund Mantle Ridge, which backed Harrison in his quest for the CEO position. So, it is not considered a payment by CSX to the chief executive. If the entire $84 million was counted, it Compensation
Since Aaron Zahn was appointed JEA interim CEO on April 17, the city-owned utility has changed its organizational chart, cooled in-house privatization talk and created a new structure for board meetings. Those changes are just the first for Zahn, the 38-year old investor and entrepreneur who JEA board members chose to run the city’s electric, water and sewer utility over Melissa Dykes, the longtime chief financial officer. “We hit the ground running,” Zahn said Tuesday in what was once Paul McElroy’s CEO suite. McElroy stepped down April 6 from the day-to-day operations of the company and will remain away even though his contract expires in September. City Council confirmed Zahn as a JEA board member in February to replace former board Chair Tom Petway. A week after McElroy’s departure, Zahn resigned and submitted his qualifications to run the utility. He said he wants to keep the job and is prepared to interview for it along with other potential candidates. “I wouldn’t be sitting here if I didn’t want the permanent spot,” Zahn said. “But if I’m not the one, Zahn
The late CSX CEO Hunter Harrison would have dominated list. By Mark Basch Contributing Writer
By David Cawton Staff Writer
continued on
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for
The Cawton Report: SBA administrator visits city Linda McMahon says tax cuts will boost hiring. Page 16
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27,439
consecutive business days