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CEO compensation: Bon-Ton CEO made $8.5M last year

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CEO Brenden Hoffman
CEO Brenden Hoffman - (Photo / )

A sizable increase in stock awards propelled Brendan Hoffman, CEO of The Bon-Ton Stores Inc., to nearly $8.5 million in total pay last year, according to the company's annual proxy statement, filed Tuesday.

That was nearly double his 2012 compensation, which totaled $4.4 million.

Hoffman, who announced he’s stepping down next year when his contract expires, received $6.3 million in stock on top of a salary and bonus of $1 million each, plus other compensation.

Bon-Ton, based in Springettsbury Township, posted a net loss of $3.6 million in its last fiscal year compared with a net loss of $21.6 million the prior year.

The York County retailer’s adjusted stock price was $10.70 at the end of its fiscal year, which wrapped up Feb. 1. It closed at $12.84 on the last day of trading the previous year, according to Yahoo Finance.

Other proxy statements

Last month, the Business Journal reported on CEO compensation for 23 of the midstate’s public companies. At the time, six companies had not yet released annual proxy statements for the most recent fiscal year.

Other than Bon-Ton, four others have since filed those documents with the U.S. Securities and Exchange Commission. That includes Manor Township-based Armstrong World Industries Inc., Harrisburg-based Hersha Hospitality Trust, Swatara Township-based Metro Bancorp Inc. and Berks County-based Penn National Gaming Inc.

East Pennsboro Township-based Rite Aid Corp. has not yet released its fiscal year 2014 proxy.

• Armstrong: CEO Matthew Espe made $5.6 million in 2013, which was up from $5.3 million in 2012. His base salary remained at $980,000, but stock awards and options increased slightly.

• Hersha: CEO Jay Shah made $2.6 million in 2013, which was down from $6.6 million in 2012. His base salary increased to $680,000, but stock awards dipped to about $1.1 million compared to $5 million in 2012.

• Metro: CEO Gary Nalbandian made $716,165 in 2013, which was down from $926,184 in 2012. His base salary was nearly level at $551,153, but stock options dropped to $52,837 from $306,425 the previous year.

• Penn National: CEO Timothy Wilmott made $5.2 million in 2013, which was down from $8.4 million in 2012. However, his appointment didn’t occur until November when Gaming and Leisure Properties Inc., a real estate investment trust, was spun off from Penn National. Former CEO Peter Carlino, who heads up GLPI, made $6.7 million last year at Penn National. That was down from $12.5 million in 2012. Wilmott’s base salary was $1.4 million, while Carlino made $1.5 million. Stock awards totaling $3.9 million helped the latter, but he didn’t receive option awards like 2012.

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Jason Scott

Jason Scott

Jason Scott covers state government, real estate and construction, media and marketing, and Dauphin County. Have a tip or question for him? Email him at jscott@cpbj.com. Follow him on Twitter, @JScottJournal. Circle Jason Scott on .

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