Byron L. "Bud" Bergren, president and chief executive officer of The Bon-Ton Stores Inc., was No. 1 on the Central Penn Business Journal's list of executive raises this year.
Bergrens total compensation package increased by more than 160 percent between 2003, when he joined Springettsbury Townshipbased Bon-Ton, and 2004, when he became the department store chain's CEO. Bergren had been president and CEO of Elder-Been-nan Stores Corp. of Ohio prior to its acquisition by Bon-Ton in 2003.
Bergren's base salary rose to $750,000 in May, and his employment agreement with the company allowed for a maximum bonus of 100 percent of his base salary in 2004 and 150 percent of his base salary in succeeding years, according to papers filed with the U.S. Securities and Exchange Commission this year.
Bon-Ton Senior Vice President Lynn C. Derry also made the list, with a 22 percent increase in compensation.
Bon-Ton Chairman Tim Grumbacher ranked No. 8 last year, but he is not among the top 25 this year. His total compensation increased by only 8 percent.
Four of Armstrong Holdings Inc.'s five top executives made the list. As a group, financial adviser L.A. Companaro, Chairman and Chief Executive Officer Michael Lockhart, Executive Vice President Stephen J. Senkowski and Senior Vice President John N. Rigas made $2.5 million more in 2004 than in the previous year.
Subsidiary Armstrong World Industries Inc. has been under bankruptcy protection for several years. According to Business Journal records, last month, a federal bankruptcy court agreed that Armstrong World Industries could proceed with two incentive plans that would financially reward key employees who help the company reach performance goals.
Last year, the Business Journal ranked the executive raises list based on changes in base salaries and limited the list to chief executive officers.
This year, the list is ranked on growth of total compensation, including salaries, bonuses and all other compensation.
The list also was opened to top executives for whom compensation information was available, not just CEOs. That led to a number of new executives being ranked on this year's list.
Compensation information about more than 65 top executives can be downloaded in spreadsheet format from our database at www.centralpennbusiness.com.
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