16.12.2009

Terex restores executive pay

Terex has announced that the base salary levels of its executive officers who experienced 10 percent reductions in March, will be fully restored in January.

Howewver chief executive Ron DeFeo has said that he will not restore his salary, until Terex is firmly on the path to financial recovery, as determined by the Company’s Compensation Committee.

The Compensation Committee has also decided to eliminate substantially all perks that are exclusively provided to its executive officers. This will eliminate company cars, financial planning services, club memberships, use of private aircraft, any tax gross up on executive life insurance and other similar perquisites, but will not impact benefits that are also provided to other employees.

In order to compensate for the loss of these perks, the committee has approved salary increaes for each of the company’s executive officers as compensation for these losses. The increases are as follows:

Name annual compensation for loss of perks
Ronald M. DeFeo $100,000
Thomas J. Riordan $50,000
Phillip C. Widman $65,000
Timothy Ford $41,000
Richard Nichols $41,000