SR CEO’s pay fell in 2012

Shareholders meet April 25

The chief executive of Standard Register Co. saw his total pay fall 17 percent last year.

Joseph Morgan, president and CEO of the Dayton-based document and information management company, received $1,758,932 in 2012, down from $2,129,148 in 2011, according to the company’s latest proxy statement.

Morgan’s base salary of $600,000 has been frozen since 2009.

Morgan’s 2012 incentive program goals included $620 million in revenue and $22.8 million in adjusted operating profit. The company missed the first target and hit the other — $602 million in revenue and $28.8 million in adjusted operating profit.

“That was really the difference,” said Robert Ginnan, the company’s vice president, treasurer and chief financial officer. “We didn’t hit the target.”

Standard Register has faced challenges in recent months. In January 2012, the company announced that it was restructuring and shedding up to 15 percent of its workforce. In the spring of 2012, the New York Stock Exchange warned the company that its stock price (NYSE: SR) was so low that it was in danger of being de-listed from the exchange.

Morgan did not receive stock option awards in 2012 while receiving a $709,764 option award in 2011.

“It’s very clear what the metrics were with short-term incentives,” Ginnan said.

Standard Register shareholders will have their say about executive pay practices when the company has its annual shareholders meeting at its Dayton offices April 25. Then, votes will be tallied in the company’s latest “say-on-pay” vote, which all public companies are mandated to hold at least every three years.

Say-on-pay lets shareholders endorse or reject corporate pay practices.

Standard Register adopted a say-on-pay vote last year, a year earlier than was required for smaller companies, Ginnan said. Ninety-eight percent of Standard Register shareholders voted to have say-on-pay votes each year, Ginnan noted. About the same percentage also supported the company’s pay plan for executives.

Say-on-pay votes are considered “advisory,” meaning company leaders are free to embrace or ignore them. At Standard Register, a trio of committees of board members have a say on executive pay and other leadership matters: A governance committee, a compensation committee and an audit committee. The company also has a hotline for contacting the audit committee.

Standard Register’s compensation committee also listens to external consultants and pays attention to corporate trends, Ginnan said.

Standard Register has 523 Dayton employees and nearly 2,200 total employees. Its shares closed Tuesday at 64 cents, up 3 cents.

Reader Comments ...

Next Up in Business

4 of the best ways to turn your home into a cash cow
4 of the best ways to turn your home into a cash cow

Your house is a large expense with many associated costs like a mortgage payment, insurance, maintenance and more. It provides a roof over your head, of course, but since it usually costs you money each month, why not put it to work for you and earn some cash in the process? The following are four ways your house can make you money: If you're planning...
6 things to know about working for Uber
6 things to know about working for Uber

Uber has been making headlines in recent months for everything from a new CEO to industry regulation. But if you want to work as a driver for the service that revolutionized the taxi-transport industry, there is more important information about Uber you'll want to check out. Here are six things you need to know about Uber before working for them...
Hatch to Sherrod Brown: ‘Don’t spew this stuff at me’
Hatch to Sherrod Brown: ‘Don’t spew this stuff at me’

Sen. Sherrod Brown and Senate Finance Committee Chairman Orrin Hatch are garnering attention today for a yelling match they had last night at a hearing over the tax reform bill working its way through the Senate. Hatch, a Utah Republican, took umbrage at comments by Brown saying the tax bill will help the rich at the expense of the poor. &ldquo...
Elder-Beerman parent company to close 40 stores
Elder-Beerman parent company to close 40 stores

Bon-Ton Stores Inc., the parent company of Elder-Beerman, will close at least 40 stores by the end of 2018. The retailer will shutter about a sixth of its 260 department stores, furniture galleries and clearance centers. The chain has Elder-Beerman stores at the Dayton Mall, Mall at Fairfield Common and several others at Dayton area locations...
Jeweler offering same-day delivery in Dayton, Cincinnati
Jeweler offering same-day delivery in Dayton, Cincinnati

James Free Jewelers is offering same-day delivery service in select areas throughout Southwest Ohio. The jewelry company has upgraded its website to offer customers the ability to schedule appointments with jewelry experts for private jewelry showings or via video. Customers can also now chat online with a James Free representative. “Imagine...
More Stories